If the deal had come to fruition, Fine Tune would have purchased the building and parking lot to the north for $400,000, after a period to assess the feasibility of converting the building to serve as its corporate headquarters.
The administration building at 10th and Morton is the third of three old Showers Company buildings in Bloomington’s Trades District, north of city hall, that now has a possible future as an adaptive reuse project.
A process for closing a deal on the building was put in place through an agreement that was approved at Monday’s meeting of the Bloomington redevelopment commission (RDC).
The RDC’s agreement for an eventual $400,000 purchase of the administration building, and the parking lot just to the north, is with 601 North Morton, LLC. That’s the entity that has been set up by Rich Ham and Matt Smith. Ham and Smith are CEO and CFO, respectively, of a company called Fine Tune.
The old dimension mill and the kiln building are two other old Showers Company properties that the RDC has put at least on a path for redevelopment.
The dimension mill is already home to The Mill, a co-working space that launched in late 2018. A transaction was completed for the kiln building in early 2020. But the plans of the Kiln Collective have been paused by the pandemic, which has caused dramatic increases in construction prices.
Fine Tune describes itself as “a niche expense management company focused on a small handful of particularly burdensome ‘nuisance’ expenses.” Examples of nuisance expenses are services for uniforms, waste disposal, and pest control.
The building is planned to serve as the corporate headquarters for Fine Tune.