IU Foundation pays $3.155 million for the Bear’s Place building, parking lot, and residential property

Bloomington, Indiana – According to Matt Kavgian, director of strategic communications and initiatives at the Indiana University Foundation, the organization paid $3.155 million for the land that once belonged to the defunct restaurant Bear’s Place, the parking lot next to it, and a residential building close by.

The Monroe County Assessor’s Office reports that the IU Foundation received the sale on February 28. On March 1, the Monroe County Assessor’s Office entered the sale into its records.

According to their Facebook profile, Bear’s Place closed on February 11, 2022, as a result of “the current business climate.” After being sold, the Bloomington Bagel Company, which had been operating out of a Bear’s Place annex, shuttered. According to Kavgian, the only change in IU students’ housing will be in the neighborhood’s property management.

“The owner had been trying to determine the future of what he was able to do,” Kavgian said. “He realized he wasn’t going to be able to reopen Bear’s Place and so he just decided to move on.”

According to Kavgian, IU does not currently have any plans for the property’s future and has not arranged any meetings to talk about such ideas. He asserted that there won’t be any outward changes to the property, but he believes IU Parking Services may convert the parking lot into university parking spaces.

According to Kavgian, the acquisition was a preemptive measure. He declared that the institution is interested in buying any nearby property that becomes available.

“It was a great opportunity for IU to protect the future use of that space to make sure that it was good for the campus, and something didn’t go in there that wouldn’t be complimentary,” Kavgian said.