We Energies to sell property near lakefront to city of Racine

Milwaukee-based Wisconsin Energy Corp. will sell a 3.5-acre downtown Racine property at 233 Lake Ave., located near the lakefront, to the city of Racine for $150,000.

Under the agreement, Wisconsin Energy will demolish the existing building on the property and will complete an environmental remediation by late 2014.

Once the deal is complete, the city will market the property for private development, which could include commercial, apartments or residential condominiums.

Wisconsin Natural Gas vacated the property in the mid 1990s. In 1995 CNH leased the building from Wisconsin Energy, and vacanted the property in 2011.