Champaign-Urbana: Core Spaces Plans 3,500 New Student Housing Beds Near Campus by 2031

Core Spaces announced Tuesday that it will build three new student housing developments in Champaign, adding more than 3,500 beds near the University of Illinois Urbana-Champaign by 2031.

The expansion marks the largest single commitment to student housing the developer has made in the Champaign-Urbana area since entering the market in 2020.

The lead project is already under construction

The first of the three developments is Hub Champaign Green Street, a 490-unit, 1,577-bed building on the south side of Green Street between Second and Third streets. Construction began in fall 2025, and the development is expected to open in summer 2028 ahead of the 2028-29 academic year, according to Chambana Today.

Company officials said two additional projects are planned along the Green Street corridor, bringing the total new bed count to more than 3,500 by 2031.

"This place means a lot to us," said Marc Lifshin, CEO and co-founder of Core Spaces and a University of Illinois alumnus. "We've been buying up properties in anticipation for this moment to do something special at the alma mater of so many of our company."

A growing footprint in the Quad Cities

Core Spaces first developed Hub Champaign in 2020, which was later renamed The Dean. The firm followed with Hub Champaign Daniel in 2021. In 2025, the company expanded its local holdings by acquiring several existing properties along Green Street, according to Institutional Real Estate, Inc.

The three founders — Lifshin, Barry Howard, and Brian Neiswender — are all UIUC graduates. Lifshin noted that at one point approximately 80 percent of the company's workforce were University of Illinois alumni.

Scale as a strategy for lower rents

Brian Neiswender, co-founder of Core Spaces, said the size of the planned developments could reduce construction costs per square foot. He said those savings could translate into lower rents than would be possible with smaller standalone projects, according to Chambana Today.

Neiswender also cited recent decisions by the state property tax appeal board as a factor that helped make the investment feasible.

Backed by a $1.64 billion fund

The Champaign expansion comes as Core Spaces closed its latest flagship real estate fund at approximately $1.64 billion in May 2026, according to Angel Investors Network. The fund targets large public universities with enrollments of 30,000 or more where on-campus housing serves fewer than 25 percent of students.

The UIUC campus serves more than 50,000 students each year. On-campus housing accommodates a fraction of that population, creating steady demand for off-campus beds.

What it means for the local market

Each of the new Core Spaces developments will be located near both the university campus and downtown Champaign, according to the company. The properties will feature amenities designed specifically for student residents, including study spaces, fitness centers, and package delivery services.

The expansion adds significant inventory to a student housing market that has seen growing competition from private operators in recent years. How the new supply affects rental prices across the broader Champaign-Urbana area remains to be seen.

The remaining two projects in the 3,500-bed plan have not yet been named or sited beyond the general Green Street corridor. Core Spaces did not disclose a total projected cost for the three developments.