Foxconn to buy Racine building to develop Smart Cities solutions

Posted by on Oct 26, 2018 in News | 0 comments

Foxconn to buy Racine building to develop Smart Cities solutions

EXCERPTS FROM BIZJOURNALS.COM: Foxconn Technology Group will buy an office building at Main St. in downtown Racine, and renovate it to create new co-working spaces, said Alan Yeung, Foxconn director of U.S. strategic initiatives. The building is near the Racine harbor, in the area included in the new Racine Lakefront Vision being developed by the City with the help of Vandewalle & Associates. 

“We are going to use this location and also partner with others in downtown Racine to create products, applications and solutions for smart cities,” Yeung said. Since coming to Wisconsin Foxconn has explored “smart” city inventions. Those could include self-driving cars, alternative energy sources, new designs or planning for workplaces and houses, or high-speed communication systems.

The multi-tenant, 1 Main St. building is assessed at $5.7 million, and belongs to Midwest Professional Properties LLC of Leawood, Kan., according to city records. It has about 44,400 square feet. It will be renamed Foxconn Place Racine and house at least 125 Foxconn employees, the company said in a press release.

The building will also be home to the Wisconn Valley Innovation Center, part of the AI 8K+5G ecosystem that Foxconn is creating, and showcase evolving and leading-edge technologies that the ecosystem will enable, with a focus on smart living innovations, Foxconn said. 

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