The former Lincoln College campus in Lincoln, Illinois, is being transformed into an economic development hub. A new owner plans to make space in five buildings available to businesses for as little as $1, offering entrepreneurs and organizations a rare opportunity to establish, expand or relocate operations in the community.
Key takeaways
- Five former college buildings will be repurposed for business and nonprofit use.
- Leases will be offered for $1, with rent-to-own options for qualifying for-profit businesses.
- Eligible nonprofits could eventually receive their space outright.
- A campus walk-through for interested applicants is scheduled for Sept. 29.
Low-cost space aimed at job creation
The property’s new owner, an unnamed benefactor operating through an LLC called EZ 37:4-5, is making the space available as part of an effort to stimulate economic growth in Lincoln.
For-profit organizations may begin with a $1 lease and could later pursue a rent-to-own arrangement. The eventual purchase price is expected to range from $40 to $50 per square foot. Nonprofit organizations that demonstrate sufficient growth may ultimately be awarded their space at no cost.
The initiative is intended to give organizations room to grow while reducing one of the largest barriers facing new and expanding businesses: the cost of real estate.
Application process begins this month
LEAD, an economic development initiative for the City of Lincoln, has issued a Request for Interest for organizations that want to participate. Applicants will have an opportunity to tour the former campus at 1 p.m. on Sept. 29 as part of the process.
The program could appeal to businesses seeking larger facilities, entrepreneurs looking for a place to launch, and nonprofits that need room to expand their services. Specific tenant selections and occupancy timelines have not been announced.
Campus receives a new purpose after closure
Lincoln College closed in 2022 after 157 years of operation. Most of the campus has remained vacant since the closure, although the Lincoln Heritage Museum, located along the edge of the property, continues to operate.
The business incubator plan would return activity to a large, underused campus and could help address the effects of industrial decline and rising blight in Lincoln over the past two decades.
Part of broader revitalization efforts
The campus project is one of several initiatives focused on rebuilding Lincoln’s business base and adding jobs. A separate incubator is being planned downtown at the future Museum of Route 66, where start-ups are expected to receive space.
The city also offers grants of up to $7,500 for capital improvements to vacant storefronts. Together, the programs are designed to encourage new businesses, support existing owners and bring activity back to underused commercial properties.
