As Racine County grapples with a housing shortage, local officials say, Menomonee Falls-based development firm
Continental Properties is moving ahead on a proposal that could bring 240 apartments to Mount Pleasant.
The project would be built on about 16 acres of undeveloped land at 13117 Spring St. and consist of 12, two-story buildings with units ranging from studios to three bedrooms, plans show.
The Village of Mount Pleasant approved zoning for the project last April and on Monday approved a development agreement with Continental Properties, which develops apartment communities nationwide and has delivered more than 34,000 apartments since its inception in 1979.
The development agreement comes after the
Racine County Economic Development Corp. released a housing report late last year that outlined the acute need for housing in Racine County as homes and apartments on the market decline and sale and rent prices rise.
Racine County had the fewest housing units under construction in 2022 and 2023 of all counties in southeastern Wisconsin, the report found, despite having steady job growth, with more on the horizon as Microsoft plans to add 2,000 jobs at its Mount Pleasant data center complex and other employers also anticipate hiring more employees.
The report concluded that Racine County municipalities need to take an active role in addressing the issue and supporting new construction through zoning changes and public support for projects.
"The word of the day is variety: we need variety of prices, types of homes and we need more of them," said
Jenny Trick, executive director of RCEDC, at a Village Board meeting earlier this month. "...It's going to take a lot of work and it's going to take a lot of creative funding in order to solve the situation, but other people are figuring out how to do it. It's just a matter of us figuring out the Racine County way to do it."
Mount Pleasant's agreement with Continental includes $15.9 million in tax incremental financing to support the project. The project is expected to bring a total estimated taxable value of $58.3 million, according to village documents.
"This is all part of what we're trying to do in Mount Pleasant to make sure we're listening to (RCEDC) is telling us in terms of the need for housing," said trustee
Nancy Washburn, at Monday's meeting.
