If demolition and construction go according to plan, by July of 2023 the former Kmart on Bloomington’s east side will be transformed into a multi-family and student-oriented housing development.
Bloomington’s plan commission gave the project a 7–0 vote of approval at its regular Monday meeting. Monday’s hearing came after one in May that was originally supposed to be continued in June, but was delayed until this week.
At its regular monthly meeting on Monday, Bloomington’s plan commission voted to continue the proposed redevelopment of the Kmart property on East Third Street to its second hearing. That is now set for June 14.
The outcome of Monday’s vote was not exactly hanging in the balance, because the 900-bedroom housing project does not include a rezone request.
But the proposal would demolish the vacant Kmart building and excavate the parking lot, for construction of a 340-unit multi-family and student-oriented housing development, offering a total of 906 bedrooms.
The layout of the project would include five residential buildings, one leasing and amenity building, and a 385-space parking structure. The site will include another 100 surface parking spaces, and 57 parallel parking spaces, for a total of 542 parking spaces.
The student-oriented apartments would be constructed in the three buildings on the northern part of the site. The multi-family housing would be constructed in the two buildings on the southern part of the site.
The units will all be rental, none for sale as condos, and will be offered at the prevailing market rental rate in Bloomington. So the project will not include any “affordable units” defined in terms of HUD standards for area median income (AMI).