The Wisconsin Economic Development Corporation (WEDC) has awarded the Village of Waterford $250,000 to construct the future Waterford Lofts, located at 506 E. Main St. This monetary award was made possible as part of the Community Development Investment Grant program.
“In 2018, nearly 200 Waterford residents and business owners provided feedback on the future of the Village, and redevelopment of this intersection was a critical element,” said Don Houston, Village of Waterford President. “With financial assistance from the WEDC and technical assistance from RCEDC [the Racine County Economic Development Corporation], our community’s vision can be executed.”
Waterford Lofts to bring residential, business opportunities
The Waterford Lofts will include two buildings: each will have street-level retail and office spaces, with condo units on the two upper floors. The grant will assist in financing the construction of the first building, which totals 28,200 square feet.
The Waterford Lofts have been planned to attract residents to Waterford and provide an opportunity for new businesses to open. Wisconsin Redevelopment and Selzer-Ornst will be overseeing the construction and development of the first building.
“Housing is a key part of a thriving downtown,” WEDC Secretary and CEO Missy Hughes said. “WEDC is pleased to be able to support the Waterford Lofts project because we know that when people are able to live downtown, businesses of all sorts – shops, restaurants, gyms and more – grow up around that housing and create a more vibrant community.”
Valued at an estimated $4.3 million, this development will create a new property tax increment. The Village of Waterford has already secured Community State Bank as an anchor commercial tenant. An additional 2,793 square feet are still available.
“Wisconsin Redevelopment is proud to partner with Wisconsin communities – like Waterford – to help guide major real estate projects,” said Todd Hutchison, Principal Partner at Wisconsin Redevelopment. “Our firm strongly believes in Waterford’s vision, and we are excited to play this major role in developing what will become a catalytic project for this community.”
Together, the site totals 0.91 acres. Construction is expected to start this summer. Pre-sales of the 12 residential condo units are already underway for the first building. Construction of all retail, office and residential condo units is expected to be complete by the first half of 2023.
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