What had been the Olson Auto Supply Building at 134 Main St. is being redeveloped by Gorman & Company of Madison, into the Belle Harbor Loft Apartments. The company is currently rebuilding the interior of the ancient building, which is located on the Root River directly across Main Street from a new financial office developed by M&I Bank, and Wispark Development Corp. Belle Harbor Loft will cost $9.1 million and deliver 78 new living units, including 44 in a new building to be built at a later date.
Rents will range from just over $500 to about $1,000 per month. Units are scheduled for completion in the existing unit in August and in September in the new building.
Gorman & Company Executive Vice President Tom Cap said that while the firm had developed condos elsewhere, the market in Racine seemed strongest for rental units. According to Capp, studies indicated that existing condo units on the lake were being occupied in many instances for only part of the year. However, construction of Johnson International’s $20 million corporate headquarters at 500 block of Main Street is expected this spring, and that will deliver 500 workers and potential renters.
"I got excited about downtown Racine because of the very coherent downtown plan that was put together in Racine and because the private sector and local government were on the same page with it," Capp said. "Some of the elements in the downtown plan were being accomplished."
March 29, 2002 Small Business Times, Milwaukee
