Jan. 31–URBANA — A chunk of land at one of Urbana's major intersections is up for grabs as a potential redevelopment site in the University of Illinois campus area.
Listed for $6.5 million is the 3.4-acre Wakeland family properties at the southeast corner of Lincoln and University avenues.
There are several project possibilities, according to Realtor Alex Ruggieri.
"It could be a hotel, it could be a retail complex, it could be student housing or it could be all three," he said.
The property is listed as two multi-lot parcels near Carle's north medical campus and south of railroad tracks at the corner, said Ruggieri, a senior adviser with Sperry Van Ness.
The sellers have already been before the city more than once, trying to change the zoning of the property.
Ruggieri said problems arose with neighbor opposition because there wasn't a specific project lined up, and the city advised the property owners to return when they had more definite plans.
Urbana Community Development Director Libby Tyler said there are challenges to overcome, but this is "your classic redevelopment site."
"It's really a great property," she said. "It's ripe for redevelopment. It's on two major arterials. It has a lot of potential."
Among the challenges, Tyler said, are that there are three different zonings across the site, there's a railroad just to the north and some residential property to the south. Plus, she said, there have been questions about the lots included on both sides of Clark Street and how they would be used in a project.
"Do you try and cross Clark Street or just stay north of Clark?" she said.
But looking at investment elsewhere on University, Tyler said, there's "tremendous potential" for the Wakeland property.
"I think they need the vision and the property protections to the south, and I think it would be very successful," she said.
Urbana likes the prospect of mixed uses for a redevelopment, she said. For example, commercial on the ground floor and other uses above.
Ruggieri said the plan is to secure the right developer for the land, then come up with a plan and approach the city again. To have a chance of success, he said, it would need to be a well-established developer with a great track record who is willing to listen to and work with neighborhood concerns.
