There have been a number of speed bumps along the way (slow sales, major fire next door, economic slowdowns) but it looks like the M2 Condo project in downtown Champaign is getting back on track.
Today’s News Gazette reported a settlement between One Main Development and a number of contractors on over $5 million in liens. The explanation for delayed payment has always been related to the damage the building incurred from the fire and complete loss of the neighboring Metropolitan Building.
M2’s settlement of the liens should pave the way for Destihl Restaurant and Brew Works to finally get construction/build-out completed. Their brew-pub had been scheduled to open as early as October 2009. It will be another welcome addition to a vibrant downtown Champaign.
Condo sales in M2 have been extremely slow so far. Mostly due to the outstanding liens but also the general slowdown in the condo market nationwide. At last count, around 10 of the 51 condos were occupied.
Background and Initial Plans for M2
Interested in pricing and features of condos in downtown Champaign?
It took over 2 years to fill One Main so it’s not surprising that it is taking a while to finish M2. It would be nice to see the project finish without any more surprises though. Progress does continue, BankChampaign is up and running and the parking deck next door gets plenty of use.
Interested in learning more about M2 or other condos in downtown? Use the search links above or contact me for more info.
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