It's Your Business: More apartments coming near UI

Photo by: Provided by Chris Saunders

A rendering of the five-story apartment complex envisioned for the southwest corner of Third Street and University Avenue in Champaign. The building would have commercial space available for lease on the first floor and a two-story parking structure at the rear.

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Multistory complexes near campus will also have commercial space

Two new apartment complexes have been added to the growing list of residential projects near the University of Illinois.

One is a five-story apartment building planned for the southwest corner of Third Street and University Avenue in Champaign, where the Proctor's Restaurant Equipment and Supply Co. building was recently demolished.

That project, which will include 18,000 square feet of commercial space on the first floor and 160 studio apartments on the four upper floors, is being developed by Chinese investors, said Chris Saunders of Green Street Realty, which is managing the development for the investors.

One of the partners is a doctoral student who has lived in the Champaign-Urbana area the past five years, Saunders said.

Saunders said several local development deals are in the works with Chinese investors, and this is "the first group that's actually doing it."

The emphasis on studio apartments sets this project apart from other recent apartment developments, most of which have multibedroom units.

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It's Your Business: More apartments coming near UI