In a letter dated March 25, Majestic told the village it was not able to find tenants for the building.
“Majestic is still interested in developing the property,” said village president Bob Bradley. “They still have a contract with the landowners to buy the property. They just don’t have a tenant to move forward with the process write now.”
ORIGINAL STORY: The first of three buildings could go up as soon as the end of the year if the local, regional and state officials can put together right financial incentive package for an interested developer.
Majesty Realty Co. has been working with staffers at the Racine County Economic Development Corporation to establish a new business park on Highway K between Highways H and V. The total amount of square footage of the three buildings combined could be as much as 750,000 square feet.
Taylor Talt from Majesty said Racine County’s growing business environment is just one reason company leaders want to locate here, according to a press release from RCEDC.
“As one of the largest privately held industrial developers in the US, it is imperative that we know the markets that we plan to make an investment. With Racine County we found a growing business community, solid partnerships and a healthy investment environment,” he said. “We are excited about the future of this development site.”
Any financing incentives would almost certainly come under the umbrella of a tax incremental financing district, which village financial advisors are exploring. In January, Trustee Tom Weatherston confirmed that representatives from RCEDC were urging Caledonia to extend sewer and water out along Highway K but stopped short of confirming a developer might be the reason why.
An existing TIF district includes South Hills Country Club and could be expanded to include the area in which Majesty is interested.
Caledonia officials are supportive of Majesty’s interest and plans.
“The Milwaukee/Chicago corridor continues to prove itself as a magnet for investment” said Village President Bob Bradley. “We are ready to make the necessary investments to welcome new development to our community.”
Construction would ideally begin this spring, with occupancy by October. Majesty is actively seeking tenants for the first building and the business park as a whole, the release reads.
The village Planning Commission will review the site plan March 26 and vote on whether or not to recommend the development to the Village Board.