Racine lakefront project
Racine officials announce a $50 million redevelopment project along Lake Michigan.
Officials in Racine on Wednesday announced plans for a $50 million project to convert an industrial site into housing and commercial space along the city’s Lake Michigan shoreline.
Racine Mayor Cory Mason and Kevin Newell, president of Milwaukee-based Royal Capital Group, on Wednesday shared details of the planned development at 1129 Michigan Blvd., otherwise known as the Walker Muffler site.
In a statement, Mason called the proposal “the largest residential housing development in the city for more than a generation.”
The location is just south of North Beach on Racine’s lakefront.
The master plan, called @ North Beach, consists of two phases, with about 500 one- to three-bedroom, market-rate apartments with internal parking and commercial spaces for potential restaurants, a coffee shop, a fitness gym and other retail and commercial uses.
The buildings will meet LEED certification standards and also incorporate Smart City designs, such as electric vehicle charging stations.
Royal Capital Group will purchase the 9.5 acre site from the city for $3.2 million.
“Construction of the project is planned to begin in spring of 2019, and phase 1 should be complete within 18 months,” according to Mason’s statement.
Phase 1 of the project will be a minimum $50 million investment
consisting of 242 market-rate apartment units in two buildings, plus ground level commercial space, and 241 structured parking spaces. Phase 2 is anticipated to include a similar unit count, additional commercial space and structured parking.
“Upon completion, @ North Beach will be the largest residential housing development in the city for more than a generation,” Mason said in the statement. “With developments like this, Racine will be the community of choice for people to work, live, and play in southeastern Wisconsin.”
“We’ve seen more interest now in the City of Racine from developers than there has been in several decades,” Mason added.
As part of the plan, the city will commit $1.05 million for streets and sidewalks and $6.5 million for development of 232 parking spaces at $28,000 per space.
Royal Capital Group is partnering with the city in several areas, according to Mason. RCG, through the Racine Works ordinance, is committed to locally hiring 20 percent of the work hours for the expected 350 construction jobs the project will create.
“This lakefront development will bring energy and excitement to the Racine market. In working with the local leadership, we are thrilled to have this development be a leader on smart city design, while being one of the first investments under the Racine Works initiative,” Newell said in a statement.