RACINE – Cardinal Capital Management Inc. announced plans to build a seven-story multi-family, commercial development on the former Porter’s property at 301 6th Street.
Cardinal Capital Management, of West Allis, has several other development projects they partnered with the City on, including the former Ajax property. In that project, they have completed the first of two multi-family housing buildings.
The development firm submitted the Porter’s project proposal Friday to the Department of City Development.
Plans include building 141 market-rate apartments, a sub-surface parking level with 209 parking units, and two retail spaces totaling 18,000 square feet. The residential portion of the plan features balconies with lake views, a first-floor lounge, a green roof terrace and dog walking space, and an electric charging station for electric vehicles.
“Cardinal Capital is excited to partner with the City of Racine on the redevelopment of the Porters site,” said Erich Schwenker, president of Cardinal Capital. “We are working closely with Mayor Mason and his team to ensure we complement the City’s plan for sustainability and quality housing. We look forward to helping revitalize the downtown area. We want to thank the Mayor, City staff and officials, and the Porter’s family for all of their collaborative efforts. We are excited to move this project forward.”
Mayor Cory Mason said he’s also excited about the Cardinal Capital Management partnership.
“They have shown a real commitment to the City of Racine,” Mason said. “The first of two buildings is now complete at the former Ajax site and they have purchased the Porter’s property. While we have not reached a financial agreement with Cardinal because of their commitment to the City, we are comfortable starting the planning process.”
The Cardinal Capital Management project — if approved — would be the first fully market rate, new multi-family construction project in the downtown area in more than 20 years, Mason added.
“Not only would it breathe new life into an entire City block but, it would be catalytic for future developments. This project, paired with the new hotel on Monument Square, should help lift the morale of the City as COVID-19 impacted so many things in 2020,” continued Mason.
The City requires the City’s Planning, Heritage and Design Commission to review the Cardinal Capital Management plan. City officials set a public hearing for the project on May 12. While plans have been presented, no financial agreements have been reached between the City and Cardinal Capital. Once the planning process has been completed and a financial agreement has been reached, the Common Council will need to be approved by the Common Council.