Racine $50 Million Lakefront Development Unveiled

RACINE, WI -- City officials have revealed plans for a new $50 million lakefront development on the site of the old Walker Manufacturing site.

Racine Mayor Cory Mason and Royal Capital Group President Kevin Newell announced the details of a master plan development at 1129 Michigan Blvd. during a press conference Wednesday at City Hall.

RCG 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.

The master plan, called “@ North Beach” will consist of two phases, officials said Wednesday. Plans call for approximately 500 residential, one, two and three-bedroom, market-rate apartments with internal parking and commercial spaces for potential restaurants, coffee shop, fitness gym and other retail and commercial uses.

At a Glance:

• RCG Commitments
• Minimum $50 million investment
• Purchase City Land for $3,250,864
• Racine Works – 20% local hiring obligations for the expected 350 new construction jobs
• LEED Certification Standards
• Smart City Building Integrations
• Developer-funded Tax Incremental Finance District

Officials say phase one of the project is expected to 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 two is anticipated to include a similar unit count, additional commercial space and structured parking, city officials said. “This is a very exciting announcement. Upon completion, @North Beach will be the largest residential housing development in the City for more than a generation. With developments like this, Racine will be the community of choice for people to work, live, and play in Southeastern Wisconsin,” said Mayor Mason in a statement to Patch.

Royal Capital Group is partnering with the City in several areas. 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,” said Kevin Newell of Royal Capital Group.

City officials said the project is going to be partially funded by through the use of a developer-funded tax increment district.

Royal Capital's $50 million project will be built on lands that were once considered for Pointe Blue, a development that had long since gone by the wayside.

The City still has a TID there, and it has 14 years remaining before it expires.

City officials told Patch that Royal Capital's investment could generate close to $9.9 million in additional tax increment over those 14 years.

Of that estimated $9.9 million, City officials told Patch that 90 percent will go back to Royal Capital to help finance the project and fund construction costs. The other 10 percent would go back to the city to fund the construction of sidewalks and other infrastructure.

Submitted Rendering