Research Park Development: A Story of Partnerships
The Research Park’s evolution has been significantly influenced by public-private partnerships, with external development and commercial real estate entities. The University of Illinois continues to contribute land, staff, and other resources to support development, community building, and other strategies to making Research Park a world-class, on-campus technology hub.
The Research Park was approved by the Board of Trustees in November 1999. In March 2000, the Board of Trustees established the University of Illinois Research Park, LLC to manage Research Park development and appointed a Board of Managers as its operator.
Together, the University and its commercial and civic partners have transformed the land from fish ponds, agricultural fields and livestock barns to a thriving, supportive environment for the modern tech workforce.
In addition to commercial development partners, Research Park has received financial support from state and local government for capital projects. That includes State of Illinois funding to construct the EnterpriseWorks business incubator, as well as road infrastructure including the Fourth Street extension.
As of 2026, Research Park buildings have six different owners. Regardless of building ownership and property management, Research Park land remains University property and the overall management is under the leadership of the University of Illinois Research Park, LLC.
Much of the Research Park’s momentum and progress resulted from a master development relationship with Fox/Atkins, LLC, a company formed by local businessmen Peter Fox of Fox Development Corporation and the late Clint Atkins of The Atkins Group.
As of 2026, Fox/Atkins LLC had constructed 16 of the Research Park’s 19 buildings.
Fox/Atkins was instrumental in implementing the main community amenities at Research Park. The iHotel and Illinois Conference Center, a joint project between the university and the developer, is a critical component of the Park’s ability to serve its community.
I Operations is the owner and operator of the hotel, with Fox Development and Atkins Group as partners. The hotel has 124 rooms, a restaurant, and other amenities.
The Illinois Conference Center is owned by the University of Illinois Urbana-Champaign. Originally constructed in 2008, it expanded in 2020 and now encompasses more than 70,000 square feet. It hosts meetings and events from weddings to conferences.
The University first entered into a partnership with Fox/Atkins in May 2000 after a competitive bidding process. A second 10-year developer agreement was signed in early 2011 and expired on May 12, 2021.
Over time, Fox/Atkins has sold off the buildings it developed to other entities. In 2018, Fox/Atkins sold its remaining commercial buildings to GEM Realty Capital, a Chicago-based institutional manager of real estate investment funds. GEM Realty Capital remains the principal owner of a 12-building portfolio at Research Park.
Other commercial building owners include the University of Illinois Foundation and Oxford Partners, whose buildings have private sector and university tenants.
Carle Health owns and operates the Carle Orthopedics and Sports Medicine building which it constructed in 2017. EnterpriseWorks, the Research Park’s technology business incubator, is owned and operated by the campus, leasing space to startups.
Moving into 2026, further development of the property continues as the University implements the vision it established for the 210 acres.