The City of Bloomington Redevelopment Commission agreed Monday to sell three acres of land in the Trades District to The Mill, a coworking space and nonprofit.
The Mill already manages marketing and development for the Trades District through an agreement with the Bloomington Redevelopment Commission, which until Monday owned the two lots.
Read more: City anticipates transferring property from RDC to Trades District management
The city hopes the mostly empty Trades District will soon develop into a hub for business startups and working age residents, spurred by partnerships with The Mill and Indiana University.
Mayor Kerry Thomson told WFIU/WTIU she anticipates the sale to The Mill will accelerate that.
“The Vice President for Development over there is John Fernandez, and he knows exactly what he’s doing with this,” she said. “He’s having conversations with companies that are interested in coming to the Trades District and supporting what’s happening there. Having it as shovel-ready as possible is just really important, and so having that land transferred over to the Trades District is a great first step.”
The Mill’s $4.6 million purchase will be financed by a grant from the Eli Lilly Foundation to IU, although a closing date hasn’t been set. Under the project agreement, The Mill will develop the lots in line with the City’s Comprehensive Plan, encouraging “high technology business development and expansion.”
Listen: IU receives $16 million grant from Lilly Endowment
Fernandez told WFIU/WTIU that after the purchase, The Mill will begin marketing the property to targeted sectors the Trades District hopes to attract, such as biotech, defense technology and AI.
The Redevelopment Commission has sold four lots total in the district, the first two for the development of a boutique hotel.
