City of Racine announces agreement for sale of Harborside property for destination redevelopment

Posted by on Oct 25, 2018 in News | 0 comments

City of Racine announces agreement for sale of Harborside property for destination redevelopment

WITH EXCERPTS FROM THE MILWAUKEE BUSINESS JOURNAL. Racine Mayor Cory Mason announced an agreement to sell the city-owned former Walker Manufacturing Co. plant property, now called Harborside. It covers nearly 9.6 acres at 1129 Michigan Blvd., north of where the Root River meets Lake Michigan.

The land has belonged to the city for nearly two decades, and over the years has been cleared and prepared for a hoped-for redevelopment. Milwaukee developer Kevin Newell’s Royal Capital Group will partner with the city of Racine for a major redevelopment near the community’s downtown harbor. Newell said he plans a “high density, mixed-use development with housing, entertainment, and food & beverage.”

Vandewalle & Associates introduced Royal Capital to the City of Racine – and also did the conceptual planning for the site within the RootWorks planning area.

“Our firm is excited about the opportunity to transform this underutilized lakefront property into a development that further adds to Racine’s vibrancy in line with the future of smart cities,” Newell said.

“I am excited that we have found a reputable developer who shares the same values as the city when it comes to being innovative in design, while producing an environmentally sustainable product, and who’s focused on benefiting the lives of our residents,” Mason said.

Tuesday’s announcement likely sets up a close public-private partnership between the city and Newell’s company. The city has already gathered grants to clean the site over the years, and would likely be tapped to help cover future costs including new infrastructure on the property.

Newell is a growing developer in the Milwaukee area with more than $175 million in projects in Royal Capital’s track record. Its current projects include market-rate apartments in the Brewers Hill neighborhood of Milwaukee, and under construction next to the parking structure of Fiserv Forum. Newell also has extensive experience in affordable apartment developments, including in Kenosha and Madison.

The Harborside area is slated to become a residential and recreation destination under Racine’s RootWorks long-range plan for properties along the Root River. That plan emphasizes public access to the waterfront, with new streets and buildings that could bring housing, offices, shopping or other attractions to the property.

Royal Capital’s project at Harborside could be among the largest investments the city has seen in years. There are other projects also pending in the downtown area.

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