BLOOMINGTON — A Lafayette-based real estate development company plans to bring residential, commercial, retail and office space and more to Bloomington’s former eastside Kmart and the surrounding area.
The company, Trinitas Ventures, has yet to file any paperwork with the city’s Planning and Transportation Department. City Communications Director Yael Ksander confirmed Monday that the mayor’s office has discussed with the company plans for a 12-acre parcel on East Third Street, which also includes Bloomingfoods’ eastside location, at 3220 E. Third St.
In summer 2016, the 95,000-square-foot Kmart at 3216 E. Third St. closed. Bloomingfoods leadership announced earlier this year its intent to either move or close the co-operative grocery on that property when its lease ends in 2020.
According to a news release from the company, Trinitas Ventures plans to seek public input this summer before planning and completing phase one of the project in 2021.
Aaron Bartels, senior vice president of mixed-use development for Trinitas Ventures, compared the project to a more intensive version of the Renwick neighborhood on Bloomington’s southeast side. Although it’s in the early stages, Bartels said the project would have a heavy pedestrian focus while still providing plenty of parking.
Pending a market study, Bartels said the development would likely serve a mixed-tenure ownership ranging from professionals, to seniors aging in place, to students.
“It’s really about the balance, more than anything,” Bartels said. “We envision this being a very public, collaborative process that involves all of our neighbors and stakeholders.”
The company already has a footprint in Bloomington. Trinitas Ventures lists two student housing developments on the city’s west side in its online portfolio: the Village at Muller Park and Collegiate on Patterson, also known as the Dillon.
According to the Trinitas Ventures website, the Village at Muller Park is a 668-bed, 248-unit student housing complex made up of apartments and townhomes. That property offers one- to four-bedroom apartments, a pool and outdoor area, and two fitness centers with a combined total of more than 4,000 square feet. Similarly, the Dillon is a 635-bed, 204-unit student complex with houses, townhomes and apartments. That property features a heated pool and hot tub, basketball court and 6,000-square-foot clubhouse with a fitness center, computer cafe and study lounges.
Bartels said it’s early in the planning process, and premature to rule out any possibilities.
Ksander said the city is excited about the proposal, but stressed it’s early in the process. Trinitas Ventures has not yet obtained the permissions it would need to construct a mixed-use development on the property. Ksander added that the city plans to work with Trinitas Ventures on a concept that fits within the context of the city.
Bartels said rather than purchasing the property, Trinitas Ventures plans to enter into a long-term partnership with the property owner. That owner, according to Monroe County’s geographic information system, is Latimer Farms Real Estate LLC.