The Illinois State University Board of Trustees voted during its regular meeting on Friday, October 11, 2024, to purchase the COUNTRY Financial® property located at 1709 and 1711 General Electric Road, Bloomington, IL. The west side of the property, 1709 General Electric Road, will serve as the home of the new College of Engineering. Classes will be held in this location beginning Fall 2026. The total purchase, not to exceed $17.5 million plus closing and related costs, will create significant savings and additional space to reimagine the opportunities of the University’s eighth college and overall university operations.
“Illinois State continues to invest strategically in areas that drive long-term growth and sustainability and uphold our commitment to fostering a supportive and inclusive campus community,” said Illinois State President Aondover Tarhule. “This is a creative and more affordable option that will better serve our future students.”
The property consists of 28.32 acres of land, including 392,000 square feet of usable space and more than 1,300 parking spaces.
“At COUNTRY Financial, we’re committed to enriching lives in the communities we serve,” said COUNTRY Financial CEO Jim Jacobs. “This agreement with Illinois State University is a powerful example of just that. The College of Engineering will produce a new generation of diverse talent supporting companies like COUNTRY and other Bloomington-Normal employers. Bringing this kind of talent into our community helps COUNTRY remain future-focused, financially strong, and well-equipped to continue serving clients.”
The original plans for the College of Engineering included a phase 1 that would transform the John Green Building and neighboring Carter Harris Building into an 80,000-square-foot, state-of-the-art complex to house 520 students by its fourth year. Costs were originally estimated at $45 to $55 million but have more recently grown to $80 million due to rising construction costs and additional site requirements. Phase 2 of the original plan would have required constructing a second building on site at an additional estimated cost of $150 million to accommodate an anticipated total enrollment of 1,000 students. Initial renovation costs of the COUNTRY Financial property are expected to total $37.5 million (making acquisition and renovation equal to the original costs of the John Green and Carter Harris building project) and offer accelerated growth opportunities for the College.
“From its very conceptualization, the new College of Engineering has been built on our commitment to fostering an environment where the voices of students, faculty, and staff who have typically been underrepresented in engineering are included and celebrated,” said Ani Yazedjian, vice president for Academic Affairs and provost. “Through an emphasis on applied research, project-based learning, and industry partnerships, students will leave equipped with the skills and confidence they need to succeed in the engineering workforce. The former COUNTRY Financial facilities will allow us to serve more students than we would have ever been able to accommodate in the John Green Building, while also meeting industry demand for future engineers across the State of Illinois.”
The initial property closing is expected to occur around November 15, 2024, and the acquisition will happen in two phases. The College of Engineering will launch in Fall 2025 and be temporarily located in Williams Hall as planned, while remodeling begins in Summer 2025 at 1709 General Electric Road. Completion and move-in is expected by Fall 2026. COUNTRY Financial will maintain ownership of 1711 General Electric Road through an escrow agreement to continue using the facility until December 31, 2026.
“This sale is a key step to bringing our Bloomington-Normal workforce together onto one campus on Towanda Avenue,” added Carl Bridges, Senior Vice President and Chief Risk Officer, COUNTRY Financial. “Construction is well underway to expand and modernize our workplace. Our employees will continue to embrace new ways of working, including hybrid work arrangements, that support COUNTRY as a client-focused, high-performing organization.”
The John Green and Carter Harris buildings will not be renovated and will remain available for the current facilities use or future campus needs. Illinois State University intends to purchase the COUNTRY Financial property using tax exempt certificate of participation debt. As the acquisition and design unfold, additional information will be made available here.
