Bloomington set to OK $1.2-million land deal for 150-bed hotel in Trades District
Appearing on the Monday meeting agenda for Bloomington’s redevelopment commission (RDC) is a $1.2-million land deal in the Trades District, north of city hall.
Under the terms of the agreement, Alluinn IU Trades District Hotel, LLC would pay $1.2 million for the land—which are parcels included in the public offering that was made by the RDC in June 2023.
The planned sale is not surprising news. In May, the RDC approved a letter of intent (LOI) with Alluinn to build a 150-bed hotel on the land, which is expected to cost around $35 million.
The hotel is expected to complete construciton in the second half of 2026.
At the May RDC meeting when the LOI was approved, Bloomington mayor Kerry Thomson said, “My vision of a fully active B-Line corridor that goes from Trades all the way down to Hopewell, that’s alive at every hour of the day.” Thomson added that she thinks the hotel will “magnetize” the Trade District.
As drafted, the resolution that the RDC is asked to approve in connection with the real estate deal names only Tract 3. But the deal itself also includes the two parcel numbers that make up Tract 4. And based on the letter of intent (LOI) Tract 4 is part of the deal.
The Trades District is a 12-acre portion of a larger area that forms Bloomington’s 65-acre certified technology park.
The RDC’s meeting is scheduled to start at 5 p.m. on Monday (Nov. 4) in the McCloskey Conference Room at city hall.
