Cullinan Properties Bids $11.3 Million for Eastland Mall
The firm seeks to acquire the 53-acre Bloomington site as officials move forward with plans for future redevelopment.
Updated on Oct. 30, 2026 in Commercial
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Cullinan Properties entered a purchase agreement to acquire the 53-acre Eastland Mall site in September 2026 for $11.3 million. The sale is part of an effort by current owner CBL Properties to remove the property from its financial records.
Why it matters
The deal aims to revitalize a major commercial footprint in Bloomington through city-backed financial support. Bloomington officials are actively working to establish a tax increment financing district to reimburse future development costs and incentivize the project.
Cullinan Properties has submitted an $11.3 million offer for the 53-acre Eastland Mall property. The City of Bloomington has committed to providing 80% collateral on the developer's loan to facilitate the transaction.
The players
Cullinan Properties
This real estate development firm is leading the purchase and planned redevelopment of the Eastland Mall site.
CBL Properties
This company is the current owner of the mall and intends to remove the property from its financial portfolio.
Kohl's
This national retail chain operates an anchor store at the site that will remain in place throughout the redevelopment process.
The details
While the project involves significant site transformation, the existing Kohl's anchor store will continue to occupy its current location. City officials approved initial measures at an October 26 meeting to prepare for the transition and future demolition of the site.
Timeline
The Eastland Mall property went up for sale in the summer of 2026.
Cullinan Properties and CBL Properties entered a purchase agreement in September 2026.
City council approved measures to facilitate the project on October 26, 2026.
The sale of the property could close between November 2026 and January 2027.
Demolition of the mall could begin by the fall of 2027.
Culture Shift
The transition of this property reflects a broader trend of repurposing aging shopping centers through the Tax Increment Financing Act. By leveraging public-private partnerships, developers are increasingly moving away from traditional malls in favor of mixed-use sites.
Residents should expect ongoing changes to the mall area as the site heads toward potential demolition in 2027. The project requires no immediate changes to daily shopping habits, as the existing Kohl's store will continue normal operations.
The takeaway
The proposed redevelopment highlights a shift toward using municipal financial incentives to stabilize and transform declining retail real estate. Local stakeholders should monitor upcoming city council meetings for final approval of the tax increment financing district.
What happens next
The city council plans to vote on the implementation of the tax increment financing district between January and April 2027.
Further reading
Learn more about local business trends in the Bloomington Commercial section.
Source note: This article includes information reported by Wglt.
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