State Farm announced Friday it's found another interested buyer for its downtown Bloomington building, potentially saving it from demolition.

The Bloomington-based insurer said the new interested buyer is Urban Equity Properties LLC. The Rockford-based company confirmed it has signed a purchasing agreement with the insurer and plans to close the deal in early October.

UEP's Founding Principal Justin Fern said the company is planning a $40 million project to convert the building into 230 luxury apartments. He said the company hasn't decided what will be done with the first floor.