IU Foundation purchased the property of closed restaurant Bear’s Place, the adjacent parking lot and a nearby residential property for $3.155 million, Matt Kavgian, IU Foundation director of strategic communications and projects, said.
According to the Monroe County Assessor’s Office, the sale was conveyed to the IU Foundation on Feb. 28. The sale was recorded by the Monroe County Assessor’s Office on March 1.
Bear’s Place closed on Feb. 11, 2022 due to “the current business climate,” according to their Facebook page. Bloomington Bagel Company was operating out of an extension of Bear’s Place and closed after the sale. Kavgian said IU students will continue to live in the nearby residential area and the only change will be their 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.”
Kavgian said IU currently has no plans for the future of the property and has not scheduled any meetings to discuss future plans. He said he thinks IU Parking Services will potentially turn the parking lot into university parking spaces, but there will be no visible change to the property.
The purchase was a proactive move, Kavgian said. When property on the campus periphery becomes available, he said the university is interested in purchasing it.
“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.