Developer money streams into the Racine area

Posted by on Sep 10, 2018 in News | 0 comments

Developer money streams into the Racine area

RACINE AND MOUNT PLEASANT, WI (WITH EXCERPTS FROM THE JOURNALTIMES.COM: With Foxconn Technology Group beginning to lay infrastructure for the $10 billion Wisconn Valley Science and Technology Park in southwestern Mount Pleasant, developer activity in the area has never been greater. Expect to see new activity on many of the project opportunities and redevelopment sites that were identified by Vandewalle & Associates in the Racine Citywide Economic Opportunity Analysis and the plan for Uptown.

One example is the housing development that Inspired Real Estate Developers has begun just west of Downtown, north of the Sixth Street bridge along the river. Company spokeswoman Dona Myers recently said the company now plans an approximately $55 million development south of the bridge there to create about 335 new market-rate apartments.

Another pending development in the city of Racine is the plan by Cardinal Capital of Milwaukee to build an approximately $18 million, four-story housing and courtyard building on the former Ajax industrial site in Uptown to create 112 market-rate apartments.
 
Elsewhere in the city, three California developers have purchased the former YMCA building at 401 Wisconsin Ave. in Downtown Racine. The group is planning to create housing on the site — either by redeveloping the four-story building or razing it and constructing a new building. The former would be about a $3 million project and the latter a $20 million project. A member of that developer team, Tim Ryan, said the entire reason for their interest in a housing project here is Foxconn.

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