The M2 building in downtown Champaign is finishing construction this fall. The first tenants moved into the building in late April, but much of the building remains vacant.

“We don’t really get paid until the building is full, so we would tend not to do more than one project at a time,” said Mike Royse, president of One Main Development, the company that owns M2.

M2 is a nine-story building that includes 51 condos, office space and a ground floor that will be home to two new restaurants and a BankChampaign branch.

Royse said only nine of the 51 condos are rented out and much of the office space remains unleased.

He added that BankChampaign will open sometime in October, around the same time as one of the new restaurants- Destihl Restaurant and Brew Works.

Other downtown establishments said they are also glad to hear new businesses will be coming to Champaign.

“We always welcome new neighbors downtown,” said Mike Nelson, one of the owners of Carmon’s Creperie, 415 N. Neil St.

The M2 building is across from another new building owned by One Main Development in Champaign — One Main. The One Main building is home to many businesses in Champaign including Jim Gould’s Restaurant.

M2 has twice as many offices as One Main and many more condos, Royse said.

He added that M2 is the main focus of the development company right now.

Royse said the company is using a number of advertising methods to reach out to the Champaign community. He said they have open houses and tours through Champaign which run past the new building.

“Well the economy is slow, and we also built a fairly large office building, about 120,000 sq ft. of office; we didn’t expect it to be full the first day,” Royse said.

He said he anticipates the M2 building will be full by next year.

“It took about two years to fill One Main,” he said. “It’s been full since 2005.”

Royse said part of their advertising strategy includes partnering with other businesses in downtown Champaign. He said the condos may include gift baskets from businesses in Champaign, and stores or restaurants may advertise for the M2 building at their locations.

“We’re actively involved in bringing forth sustainability and we get involved with a lot of groups around the community and help form initiatives, whether it be with food or conservation,” Royse said.

Michael Wells, owner of Aroma Café, 118 N. Neil St., in downtown Champaign, said business is doing well, but the economy is sluggish. He said he is excited about the M2 building.

“We’re definitely really happy that more people are moving into the Champaign downtown,” Wells said.

Wells said the new building will help attract customers to the area.

“Its definitely a welcome addition to the downtown,” Wells said. “We don’t see it as competition.”