301 N 5th St
Springfield, IL 62701
Gateway Development Opportunity · Land For Sale · 0.66 AC

1.10 +/- acre redevelopment opportunity in the Mid-Illinois Medical District at the gateway to Downtown Springfield. Currently improved as a surface parking lot, the property offers a rare infill development site suitable for mixed-use, multifamily, medical office, research, educational, hospitality, or other commercial uses. Positioned within several powerful incentive programs—including the Adirondack TIF District, Cannabis Grants Area, and a federally designated Opportunity Zone—the site provides developers with multiple tools to support project feasibility and long-term value creation. The property is being offered in “as-is, where-is, with all faults” condition. Seller is aware of certain environmental conditions affecting the site. Additional information is available upon request. The property benefits from approximately 320’ of frontage along Madison St (11,000 AADT) and additional frontage and access from N. 5th St (5,800 AADT). Surrounding investments include Villas Downtown Springfield, one of the largest recent multifamily developments in the urban core, as well as continued expansion by Isringhausen Imports, including its recently added Porsche dealership. The site is strategically positioned to benefit from several transformative public and private initiatives underway in Downtown Springfield and the Mid-Illinois Medical District. The recently adopted Downtown Springfield & Mid-Illinois Medical District Master Plan prioritizes additional housing, mixed-use redevelopment, higher-density development, enhanced walkability, and expanded public spaces throughout the district. In addition, the proposed expansion of the Mid-Illinois Medical District would further strengthen the area’s role as a regional hub for healthcare, education, research, and workforce development. Long-term growth prospects are further supported by the ongoing Springfield Rail Improvements Project, expected to be completed by 2027, which will improve connectivity and unlock redevelopment opportunities throughout the downtown area. Complementary initiatives including the planned Third Street Greenway (The LINC) and the new Springfield Mass Transit District Transportation Hub are expected to enhance accessibility, placemaking, and investment activity for years to come.