38 Acres Downtown
Pekin, IL 61554
38 Acres of Infill · Land For Sale · 37.69 AC

This prime 38-acre parcel is the last large undeveloped land near downtown Pekin, IL, offering rare zoning (7 acres B-3, 31 acres RM-1) unlike neighboring properties. Located next to a school and along the main city artery, it provides excellent visibility and access.
Sanitary sewer and stormwater detention are already installed, making the property development-ready. TIF funding is available, and the area has green job opportunities. The city is offering a $30,000–$60,000 credit for home construction on a lot. Additionally, the property benefits from very low Tazewell County real estate taxes.
With current development underway on 4–5 acres, the landowner has received a letter of intent from a national apartment builder. The seller is open to flexible terms, including seller financing, installment sales, and a 1031 exchange, offering buyers multiple financing options. Additionally, the seller is interested in partnering on future development and is willing to trade all or part of the sale proceeds for equity in the project. In such a scenario, compensation could be structured as a share in the project’s revenue while actively contributing to the property's development.
This site presents exceptional potential for multi-family housing, supported by various business uses, in a growing community with award-winning Pekin schools.