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Details of our ultra-sleek new building!  

Many have asked who’s buying the house, etc.  All is explained below; however, here’s a little teaser as we share this:
  • All Sigma Rho Alumni will be invited to invest – (not donate) – in this new exciting venture!  More on that in the next communication.

Selling & Buying 202 E. Daniel 

Who currently owns 202 E. Daniel:
  • Sigma Rho Housing Association – Nearly all current Housing Board members are National Fraternity representatives as the NF lent money and absorbed all related housing costs
 
Who is purchasing 202 E. Daniel:
  • Sigma Rho Alumni are essentially buying it back and re-investing the money into the new building
  • More specifically, Royal Properties – the Champaign-based Sigma Rho alumni real estate firm (Rick Schmidt & Mike Henneman) – are shouldering the brunt of the costs and risks
Ownership & Money Transfer:
$5.7 M – Sale of 202 E. Daniel
$2.2 M – Goes to General Fraternity for outstanding debt
$3.5 M – Remaining funds will be invested in new building

A new Housing Board will take over – comprised entirely of Sigma Rho
New Housing Board
Dave Fitzpatrick ‘76
Shad Khan ‘70
Mark Lobdell ‘68
Les Mathers ‘72
Les Meier ‘82
Brian Moran ’96.5
Mike Murphy ‘79
Clayton Pope ‘75
Attorney: Steve O’Byrne ‘72

Legacy Apartments

Aptly named after Sigma Rho’s Legacy – which this development intends to preserve!

Cost to Build

    $7.77 M – Down Payment to build structure – $7.77 M will be comprised of:
  • $3.5 M – Residual from sale of current house (as mentioned above)
  • $4.27 M – Investor Capital**
 
+    $18.3 M – Bank Loan – guaranteed by Royal Properties (Mike Henneman & Rick Schmidt)
 
      $26 M – Overall cost to develop building and make it operational (current estimate)
 
** Investor Capital – Royal Properties & other Sigma Rho alumni have pledged to cover the $4M investor capital.  However, ALL Sigma Rho alumni will be invited to be a part of this.  More on that in the next communication!

Building Details

PictureClick image for complete building sketch
# of Units: 99
# of Bedrooms: 220
Building Size (Sq. Ft.): 118,383
6 Stories (includes parking below building)
 
1 Bed / 1 Bath 16                                           
2 Bed / 2 Bath 61
3 Bed / 2 Bath 6
4 Bed / 4 Bath 16
 
Fraternity (Sq Ft)        7,900
  • Will include: entrance lobby, stair case to 2nd floor, living room with fire place, dining room, catering kitchen, Chapter Room, chapter office, study room, and alumni/library room!

Retail (Sq Ft)               407     

Demolition of Current House – 90 Days
Length of Time to Build New Structure – 12 Months
Completion – 7/1/2021
 
​Estimated Annual Rent Revenue = $2.8 M 
(will increase over time)
Value of building once occupied with paying tenants = $38 M
 
Rent Revenue will be distributed among:
  • Operating & mortgage costs
  • Pay back to alumni/individual investors
  • Sigma Rho Chapter as an investor

How Betas plug into Building

  • Sigma Rho Chapter will essentially rent the new Fraternal Lodge (the fraternity common space).  However, the money to pay this rent will be earned from profits of investment in new development.  This is the remarkable aspect of this approach in that rent revenue will sustain chapter operations!
 
  • Sigma Rho actives will then individually lease and live in the “The Legacy Apartments”.  This would essentially be the same as “housing costs” as they were before.  
Email Us with any thoughts, reactions or questions!
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© 2019 Beta Theta Pi Alumni, University of Illinois, Urbana-Champaign
  • Home
  • Updates
    • Our Future Is Bright
    • Details of New Building
    • New Sigma Rho Building
    • How We Got Where We Are
    • Foundation Is Set for Comeback
  • 2018 Reunion
  • Annual House Photos
    • 2018-2011
    • 2010-2001
    • 2000-1991
    • 1990-1981
    • 1980-1971
    • 1970-1961
    • 1960-1951
    • 1950-1941
    • 1940-1931
    • 1930-1921
    • 1920-1911
    • 1910-1902
  • Pledge Classes
    • More Recent Years
    • 99
    • 99.5
    • 98
    • 98.5
    • 97
    • 97.5
    • 96
    • 96.5
    • 95
    • 95.5
    • 94
    • 94.5
    • 93
    • 93.5
    • 92
    • 92.5
    • 91
    • 91.5
    • 90
    • 90.5
    • 89
    • 89.5
    • 88
    • 88.5
    • 87
    • 87.5
    • 86
    • 86.5
    • 85
    • 85.5
    • 84
    • 84.5
    • 83
    • 83.5
    • 82
    • 82.5
    • 81
    • 81.5
    • 80
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    • 74
    • 74.5
    • 73
    • 73.5
    • 72
    • 72.5
    • 71
    • 71.5
    • 70
    • 70.5
    • 67
    • 62
    • Earlier Years
  • More!
    • Contact Us
    • 202 E. Daniel >
      • History of Beta Housing
    • Beta Nationals >
      • My Beta Portal
      • Beta.org
      • Beta Nationals Facebook
      • Beta Nationals Twitter
    • Iconic Places >
      • Frat Park
      • KAMS
      • House of Chin
      • Green Street
      • Recommend Other Iconic Places
    • Campus Events >
      • Campus Events 1910-1902
      • Campus Events 1920-1911
      • Campus Events 1930-1921
      • Campus Events 1940-1931
      • Campus Events 1950-1941
      • Campus Events 1960-1951
      • Campus Events 1970-1961
      • Campus Events 1980-1971
      • Campus Events 1990-1981
      • Campus Events 2000-1991
      • Campus Events 2010 - 2001
      • Campus Events 2014-2011