STUDENT HOUSING DEVELOPMENT OPPORTUNITY
Documents
Property Description
Coldwell Banker Commercial Devonshire Realty (CBCDR) is pleased to exclusively offer the opportunity to acquire 105 E Armory Avenue on the University of Illinois at Urbana-Champaign campus (the “Property”). The Property consists of a +/- 13,378 SF rectangular parcel that is approximately 138’ x 96’.
105 E Armory Avenue is ideally suited for a student housing developer or fraternity / sorority and the MFUniv zoning permits building heights up to 75’ high, with no requirements for open space reserves, floor-to-area ratio, or parking for multifamily buildings (1 space per 4 peds for fraternity / sorority), and only minimal setbacks of 10’ in the front yard and 5’ in the side and rear yards.
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.
Area Description
This prime location on the University of Illinois campus, with 56,403 students, offers an exceptional opportunity for a student housing developer. The Property is prominently positioned at the southwest corner of Armory Avenue and Second Street, just 0.55 miles southwest of the Main Quad, 0.35 miles north of Memorial Stadium and four blocks south of Green Street, ensuring easy walking access to academic buildings, and popular campus bars and restaurants.