Neil St & Interstate Dr Champaign, IL 61822

Property Details for 0 Neil St & Interstate Dr

Property type

Land

Description

This exceptional investment opportunity presents two contiguous multi-family development sites totaling 12.795 acres in Champaign, Illinois. Strategically located less than one mile from Interstate 57, and within two miles of Interstate 74 and three miles of Interstate 72, this property offers unparalleled access to major transportation arteries. The site benefits from its position in Champaign's thriving retail corridor, representing one of the last remaining large multi-family tracts in this desirable area. Currently, two lots are available for immediate development. Lot 1 encompasses 2.947 acres with frontage on Interstate Drive and Toalson Lane, providing convenient access to Ashland Park. Lot 2, a substantial 9.848-acre parcel, boasts frontage on Interstate Drive, Toalson Lane, and Neil Street. Both lots are zoned MF1, allowing for the construction of low-density multi-family dwellings, typically two to three stories high. The MF1 zoning encourages open space and recreational amenities, making it ideal for creating a vibrant and desirable residential community. Density regulations are controlled by floor area and open space ratios, with an average density ranging from twelve to thirty units per acre. This prime location, combined with the shovel-ready status of the lots and the favorable zoning, presents a unique opportunity for developers seeking to capitalize on the strong demand for multi-family housing in this rapidly growing area. The asking price for this exceptional development opportunity is $1,672,050. The property's zip code is 61822.

Location Insight

City

Champaign

County

Champaign

State

Illinois

Longitude

-88.2486

Latitude

40.1491