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RACINE, WI — The clock is now ticking on an ambitious $30 million market-rate apartment development complex proposed for Racine’s south side.
On Tuesday, Nov. 12, Racine Mayor Cory Mason was joined by Alderman John Tate II and Erich Schwenker of Cardinal Capital Management, Inc. at City Hall to announce a development agreement for the Ajax project in Racine’s Uptown neighborhood.
Plans call for a total investment of more than $30 million in the on-site construction of two, four-story apartment buildings, a market-rate development consisting of 87 apartments with 130 associated parking spaces and an “affordable”, Low-income-housing-tax-credit-funded, development consisting of 54 apartments with 75 associated parking spaces.
City officials said the total development investment will be greater than $30 million, with $19.3 million for the market-rate project and $10.8 million for the affordable units.
The project located at 1520 and 1536 Clark Street will include demolishing the existing industrial buildings, cleaning up the environmental site contamination, and redeveloping the property as new, affordable and market rate, multi-family housing.
Demolition and remediation of the site is set to begin almost immediately pending approval. Construction is set to be complete no later than Dec. 31, 2020 to take advantage of key incentives and credits.
Cardinal has also acquired the adjacent, former Pabst Pub building and will be retaining it and restoring it for use as site offices, community room, and space for the Racine Police Department to house a neighborhood-assigned, Community Police Officer or C.O.P. House.
“I am really excited to see this project move forward. It takes an old, abandoned, industrial site and breathes new life into the Uptown neighborhood,” Mason said. “It is important that we create great spaces for everyone in our community to live and this project helps move us closer to accomplishing that goal.”
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