Undoped graphene is semimetallic and thus not suitable for many electronic and optoelectronic applications requiring gapped semiconductor materials. However, a periodic array of holes (antidot lattice) renders graphene semiconducting with a controllable band gap. Using atomistic modeling, we demonstrate that this artificial nanomaterial is a dipole-allowed direct-gap semiconductor with a very pronounced optical-absorption edge. Hence, optical infrared spectroscopy should be an ideal probe of the electronic structure. To address realistic experimental situations, we include effects due to disorder and the presence of a substrate in the analysis.