Foxconn pays $6.25 million for Racine innovation center building

Second building purchased in downtown area

Last updated on July 2nd, 2019 at 09:11 pm

An affiliate of Foxconn Technology Group has completed its purchase of the One Main building in downtown Racine for $6.25 million.

The company said in October that it planned to purchase the 46,000-square-foot building at 1 Main St. to create an innovation center with a focus on smart cities. Foxconn officials said 125 employees would eventually work there.

According to state records, FE One Main LLC closed on the purchase of the building on Feb. 21. The entity lists Foxconn’s North American headquarters in Milwaukee as its address and follows a naming structure Foxconn has used to purchase other buildings in the state.

The purchase price of $6.25 million included the building and a parking lot to the east that is part of a second parcel. Those parcels have a combined assessed value of nearly $6.3 million and were previously owned by Midwest Professional Properties LLC.

Foxconn plans to rename the building Foxconn Place Racine and will allow existing tenants to remain in the facility. The building is the second real estate purchase by Foxconn in downtown Racine. In January, the company paid $1.2 million to purchase the former Elks lodge. The building is also expected to support smart city initiatives.

Foxconn has also purchased buildings in Green Bay, Eau Claire and Milwaukee for future innovation centers. Nearly 1,000 of the company’s employees will be located at those buildings, Foxconn officials have said.

The company is planning a $10 billion LCD manufacturing campus in Mount Pleasant and has committed to creating 13,000 jobs. Foxconn is eligible for $3 billion in state incentives for the project tied to job creation and capital investment.

Jobs created at the company’s innovation centers could count towards the tax credits, but money spent on the real estate purchases – nearly $48 million so far – does not, according to the terms of Foxconn’s contract with the state.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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