504 Madison st - Downtown Bloomington Land Opportunity

One of Downtown Bloomington's last vacant properties, this 200 x 120 foot parcel offers a unique opportunity for developers. D-2 zoning allows flexibility for apartments, condos, retail or mixed use. Further enhancing the possibilities, the city owns the 2 adjacent lots to the west, allowing for a public-private opportunity. Bloomington-Normal is a thriving community with a metro population over 170,000. The median household income is above $70,000 and top area employers include State Farm, Rivian and Country Financial, representing over 20,000 jobs alone. Commerce is also driven by two universities housing nearly 25,000 students. Resting right on IL-51, the property has great visibility with traffic counts around 12,000 vehicles per day, providing a perfect spot for first floor retail. Close proximity to downtown jobs makes this an ideal location for your modern office commuter. Recent downtown condo development prices have soared to $325,000 and quality 2 bedroom rentals are pushing $1,800. Downtown Bloomington is primed for the development of higher end housing with very little existing supply and an unmet demand. Students and Employees continue to seek a dynamic place to call home, and this could be it! The city is in the process of adding this parcel to a TIF district and other public options may be available to help bolster your return. Bring your ideas and your offers today and be a part of Bloomington's bright future!