West Allis-based Cardinal Capital Management Inc. plans to develop 141 market-rate apartments at the former Porters furniture store site in Racine, the city announced today.
According to a news release, Cardinal Capital has submitted a design proposal to the Racine Department of City Development. This comes after the developer acquired the site, located at 601 Sixth St., earlier this year for $540,000, according to state records.
The plans call for a seven-story building with 141 units and one underground parking level. It would also include two retail spaces totaling around 18,000 square feet and amenities such as balconies with lake views, a first-floor lounge, green roof terrace with dog walking space and electric-vehicle charging stations.
The design will first be reviewed by city staff before being presented to the Planning, Heritage and Design Commission. A public hearing on the project is slated for May 12.
"This project, should it move forward, would be the first fully market rate, new multi-family construction in the downtown in more than 20 years," Racine Mayor Cory Mason said in a statement. "Not only would it breathe new life into an entire city block but, it would be catalytic for future developments. This project, paired with the new hotel on Monument Square, should help lift the morale of the city as COVID-19 impacted so many things in 2020."
City leaders are also in talks with Cardinal Capital about providing financial assistance for the project, though a financial agreement hasn't been reached, Mason said. Should such an agreement be reached, it would need Common Council approval.
Cardinal Capital has previously developed in Racine. It has completed the first of two apartment buildings at the former Ajax industrial site.
“Cardinal Capital is excited to partner with the city of Racine on the redevelopment of the Porters site," Erich Schwenker, president of Cardinal Capital, said in a statement. "We are working closely with Mayor Mason and his team to ensure we complement the city's plan for sustainability and quality housing. We look forward to helping revitalize the downtown area."