M2 Condos Are Changing the Downtown Champaign Condo Market…Again
In early May I had the chance to sit in on a presentation on the M2 condo development at 312 N. Neil Street in Downtown Champaign. It was presented by the developers and staff from One Main Development and answered a lot of questions (and created a few more) on the status and plans for this new landmark in downtown Champaign.
A (very) brief history on the downtown, luxury condo market;
In 2005, One Main Development finished construction on the “One Main” building in downtown Champaign. It features retail, office and condo space over 5 floors. There are 24 condos in the building that have ranged in price from $150,000 to around $400,000. Since the building has been completed there have been 6 re-sales with an average increase in value of 4%. (That is a pretty solid number given some of the relatively flat price charts around Champaign).
This development was a big change for downtown Champaign and opened the door for a number of smaller scale, high-end condo conversions.
M2 Condos – 301 North Neil, Champaign, IL
According to local legend and news releases from M2, this is the largest construction project to be undertaken in downtown Champaign.
The development will feature the following:
- 9 Total Stories
- 1st Floor is all retail, approx 70% leased
- 4 floors of office space, approx 40% leased
- Top 4 floors are residential condos, 25% pre-sold
- Price Ranges from the $170's to $428k
- Sizes vary from 680sqft to 1900sqft
- The condo fees for a 2br unit are expected to run around $360/month and include heat/AC/water/sewer/trash/building insurance and more. (Residents will have to pay for the electricity to run the heat pump which circulates the cool/warm air but that is a fraction of normal heating and cooling costs
- Parking…. There are no parking spaces being sold or reserved with the condos however the City of Champaign is building a large parking garage in an adjoining structure. 24/7 permits are available and it sounds like availability will NOT be an issue for residents.
- Click for City of Champaign Parking Deck info.
The developers have leases with the following companies that plan to occupy the 1st Floor and more on the way
Destihl Brew Works
An Unidentified Salon/Spa occupying a large portion of the space (approx 11,000sqft over 2 floors). The exact identity wasn't disclosed at the meeting...
How Will This Affect the Local Real Estate Market?
My immediate response is that it will be a real positive for that section of the Champaign real estate market. The One Main condo project has already had a positive impact and M2 looks to build on that. The addition of a 2nd upscale condo building in downtown Champaign should also help provide a more predictable level of appreciation for the condos in both buildings. As M2 sells out I think these condos will maintain a solid level of demand if only because there is such a limited supply of these types of properties in Champaign.
Other areas in Downtown Champaign have already experienced a ‘lift’ from these projects with the additions of a number of other high-end condo developments like Uptown on Columbia, The Hickory and The Jewelers Loft apartments.
If I were to try and predict the future I would say that the condos and homes just West of downtown Champaign would also get a big lift from the revitalization of the area and could provide a good opportunity for real estate investment.
Interested in a tour of the building and future condos? Call, email or post and we'll set something up.