Former Racine Walker Site Has New Developer

RACINE, WI -- For about 23 years, the 9.5-acre site of the former Walker Manufacturing plant remained a vacant, or gravel-covered eyesore - or both - on the shore of Lake Michigan.

On Monday, there are hopes that this vacancy's days are numbered as Mayor Cory Mason and Royal Capital Group’s President Kevin Newell say they've reached a principal agreement for Royal Capital to acquire the lakefront property.

“There is more interest now in the City of Racine from developers than there has been in several decades,” said Mayor Cory Mason in a statement. “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.”

A Principal Agreement means Royal Capital and the City agree to enter into negotiations for an eventual land purchase. Once the development agreement - and its numerous details are sorted out through negotiations - the agreement will then go before city officials in the Common Council for approval.

Royal Capital has been known to build multifamily and multifamily mixed-use real estate developments, Since 2012 Royal Capital has performed as the primary Developer and Owner on over $175 million in total investments, including serving as Developer and Owner for mixed-use housing and commercial real estate for the Milwaukee Bucks $1 Billion entertainment district in downtown Milwaukee.

The last time Racine thought they had a buyer for the Walker site, city officials thought they had a done deal for a development called Pointe Blue. It never happened after financing dried up and the project was indefinitely shelved.

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