A shopping center located at Tenth Street and the Indiana State Road 45/46 bypass in Bloomington has been purchased by Indiana University for $4.6 million dollars.
The university now owns all four corners of the intersection, including the university’s Tulip Tree apartments on the north west corner and a new cyber-infrastructure building on the north east corner.
University spokesman Mark Land says IU is looking forward to creating a “technology quad” in the area.
“You know we’re not really sure yet in terms of specifically what you’ll see there,” he says. “We can tell you is that it will some how be consistent with the technology buidings that we have out there and what will go there will be things that support those operations and the people that work there.”
Ron Hackney’s Scandinavian Imports store sits in the mall just purchased by IU. He says while he had a good relationship with the former management, he is looking forward to the benefits IU’s ownership might bring to the area.
“Indiana University owning all four corners is just going to be a great opportunity for them, and get the- we’re ready for growth, all the new buildings going on in the area, and we’re maybe just looking forward to getting the center updated and moving on,” Hackney says.
Dr. William Arnold, whose dental practice also resides in the shopping center, says that while he does not know of any building plans of the University, he hopes to stay in his current location.
“This has been a great location for our practice,” Arnold says. “This has been a great location for a lot of our patients because we serve a lot of the IU community. Its convenient. It’s on a lot of people’s way home. I’d like to stay here as long as possible frankly. But I know that the needs of IU will come first.”
Land says tenants understand it is likely their lease agreement will change at some point in the future, but says he does not know whether business owners will be allowed to renew their leases when they expire.