Student Housing Development Site
Coldwell Banker Commercial Devonshire Realty (CBCDR) is proud to exclusively offer for sale an incredible development opportunity on the University of Illinois at Urbana-Champaign campus at the northwest corner of Fourth Street and Healey Street (the “Property”). The Property consists of two parcels totaling +/- 8,674 square feet and is zoned Multifamily University Neighborhood (MFUniv) and is currently improved with two houses.
The MFUniv zoning allows a developer to maximize the site by building up to 75’ high with setbacks of 15’ in the front and 10’ on the sides and rear, with no requirements for parking, open space reserves or floor-to-area ratio. A developer will also benefit from being able to lease-out the existing houses while determining their development plans for the site.
The Property also benefits from its location within a Qualified Opportunity Zone (QOZ). QOZ’s were created as part of the 2017 Tax Cuts and Jobs Act and were established to serve as a catalyst for economic investment by offering preferential tax treatment for capital gains in a QOZ.
The Property is strategically located between Green Street and Springfield Avenue at the northwest corner of Fourth Street and Healey Street. The Property lies less than one-half mile from the Illini Union and the Main Quad and is surrounded by a great mix of student housing, academic buildings, and retail and restaurant offerings.