STUDENT HOUSING DEVELOPMENT SITE / FREESTANDING RETAIL

Property Description

Coldwell Banker Commercial Devonshire Realty (CBCDR) is pleased to exclusively offer the opportunity to acquire 101 E Springfield Avenue on the University of Illinois at Urbana-Champaign campus (the “Property”). The Property consists of a +/- 4,752 SF single-story retail building constructed in 1940 on a +/- 11,661 SF rectangular parcel that is approximately 177’ x 66’.

Originally built as a grocery store by the Eisner family, the building is mostly wide-open and has been home to the popular AM-KO Oriental Foods and Gifts since the mid-1990’s, who will be closing and vacating the Property by the end of July 2024.

101 E Springfield Avenue is ideally suited for a student housing developer and the CB1 zoning permits building heights up to 85’ high, with no requirements for open space reserves, floor-to-area ratio, or parking (multifamily buildings), and only a 15’ setback along public streets.

Area Description

This prime location on the University of Illinois campus, with 56,403 students, offers an exceptional opportunity for a student housing developer or the building could be used by an owner-operator. The Property is prominently positioned at the southeast corner of Springfield Avenue and First Street, just 0.6 miles west of the Illini Union and one block north of Green Street, ensuring easy walking access to academic buildings, Memorial Stadium, State Farm Center, and popular campus bars and restaurants.

Additionally, the Property is located within a Qualified Opportunity Zone (QOZ), established under the 2017 Tax Cuts and Jobs Act to encourage economic investment through preferential tax treatment for capital gains.