After serving for more than 120 years as an industrial site, the northeast corner of Marquette and Sixth Streets could soon be home to a new loft apartment development.
The Journal Times is reporting that General Capital Group of Fox Point, WI, has proposed a $18.4 million project that would include an historic renovation to transform the former Case Plow Factory Works building into 82 loft apartments.
GCG’s proposal was one of five submitted, the story continues, and the city Redevelopment Authority met in closed session for two hours to choose the development they felt had the best chance of succeeding.
The newspaper describes the apartments as a mix of market-rate and affordable (income controlled). A representative from the company is quoted as saying they’ve been looking for a site in Racine for some time.
“We are thrilled to have the opportunity to work with the City of Racine on this project,” General Capital partner Sig Strautmanis told the newspaper. “It has been several months we have been interested; even before the (request for proposals) came out, we were looking at sites in Racine.”
A retail building is also planned for that corner, and Strautmanis said he’s excited to get started and watch the new apartment development trigger positive transformation in the area.
“The most interesting projects for me, personally, are where we have a site that can be a catalyst for good stuff to happen in the neighborhood,” he is quoted as saying.
GCG is asking to buy the 169,000 square foot building for $750,000 in exchange for a $500,000 HOME loan and an environmental remediation grant of $350,000, the story reads.
Construction could begin in spring 2018 and complete in time for residents to move in fall of 2019.