Urbana business building nearly full

Urbana business building nearly full

URBANA — The three-story building at Lincoln and University avenues in Urbana is almost entirely leased, now that a new tenant has signed on.

The Renal Research Institute has leased space on the third floor of the building at 901 W. University Ave., U, said David Cocagne, president and CEO of Vermilion Development, the building's developer.

The institute, which is expected to take control of the 5,000-square-foot space later this month, plans to provide training for at-home dialysis there, Cocagne said.

Einstein Bros. Bagels occupies much of the first floor, and the University of Illinois Office of Continuing Education occupies part of the first floor and all the second floor, Cocagne said.

Rounding out the tenant rolls is the Carle Development Foundation, which has offices on the third floor. Only about 500 square feet of the building remains available for lease.

"It's 98 percent occupied," Cocagne said.

The New York-based Renal Research Institute operates the Champaign Urbana Dialysis Center near the Provena Covenant Medical Center campus in Urbana.

Updating Vermilion Development's involvement in projects elsewhere, Cocagne said the company is pursuing plans for a supportive living facility in Peoria.

The proposed 100-unit facility, which would house physically disabled people between the ages of 22 and 64, would be similar in nature to the Eden Supportive Living project under way in downtown Champaign.

Vermilion Development's largest project these days, however, is the Harper Court mixed-use development in Chicago's Hyde Park neighborhood near the University of Chicago campus.

Among other things, the project includes about 75,000 square feet of retail space and 150,000 square feet of office space, with the University of Chicago the anchor office tenant, Cocagne said.

A pad for a select-service hotel has been developed as part of the complex, but Vermilion Development won't develop the hotel itself, he said.

Cocagne said Vermilion Development acquired 500 beds of student housing near the University of Mississippi campus in Oxford, Miss., in 2010.

Plus, last year, the company completed the Sycamore Plaza retail-office building on the Indiana State University campus in Terre Haute, Ind. That building includes a Barnes & Noble store, Starbucks and ISU Foundation offices.

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David Illinois wrote on July 15, 2012 at 8:07 am

But how much vacant office space does the U of Illinois own?  And they rent from private owners with ties to the University...shame on them!