Summary:
- First United Methodist Church in Bloomington has signed a letter of intent with Chicago-based Core Spaces to sell its 1.6-acre downtown South Lot for $8.8 million, aiming to develop 350 to 400 student-oriented bedrooms.
- The church’s governing board unanimously approved the letter of intent, with proceeds planned to support the church’s endowment for building maintenance and ministries; the sale remains subject to final agreement and church approval.
- Core Spaces plans a market-rate housing project with 100 dedicated church parking spaces and will contribute to Bloomington’s affordable housing fund instead of including income-restricted units onsite; the developer already has approvals for 1,600 student bedrooms in nearby projects.
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