Milwaukee developer Royal Capital Group is planning to purchase the former Walker manufacturing site in downtown Racine and redevelop it into a high-density mixed use project.
Royal Capital Group has an option to purchase the 9.5-acre lakefront site from the City of Racine for an undisclosed price. Plans include housing, entertainment and restaurants, said Kevin Newell, president of Royal Capital Group.
The site, now known as Harborside, is located just north of the Pugh Marina at 1001 Michigan Blvd. Newell said he plans to begin the project in spring 2019.
“Our firm is excited about the opportunity to transform this underutilized lakefront property into a development that further adds to Racine’s vibrancy in line with the future of smart cities,” Newell said. “We are committed to working with the community, business community, and city leadership to ensure that this site becomes a catalyst for what’s to come in the City of Racine.”
Racine Mayor Cory Mason said there is more interest now in the city from developers than there has been in several decades.
See the recent BizTimes Milwaukee cover story on Racine to read about the recent developer interest.
“I am excited that we have found a reputable developer who shares the same values as the city when it comes to being innovative in design, while producing an environmentally sustainable product, and who’s focused on benefiting the lives of our residents,” Mason said.
Entering into the agreement with Royal Capital Group gives the developer exclusive rights to the land at Walker as they begin to negotiate use, design and public benefit with the city, Mason said.