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New apartments open in Racine
A Racine apartment complex, trying to meet the city's need for housing, opened Wednesday where Regency Mall used to be.
RACINE, Wis. - A Racine apartment complex, trying to meet the city's need for housing, opened Wednesday where Regency Mall used to be.
Racine housing shortage
By the numbers:
There are 266 new apartments for Racine, a city that is battling housing shortages. A 2024 city report said that, through 2029, the city will need an average of 855 residences to be built each year to meet housing requirements.
New Racine apartments
What they're saying:
Hull Property Group, a real estate company from Augusta, Georgia, had the grand opening of Pritchard Park Place Apartments on Wednesday. The complex is near the intersection of Durand and Roosevelt.
Pritchard Park Place Apartments open at former Regency Mall site, Racine
Grace Walsh, who works for the developers, said they worked closely with people who already live in the area.
"Housing is a need here, it's not just a want," she said. "When you have such eager and excited community leaders who recognize that there is a gap that needs to be filled, and they want to be a public-private partner in that, you honestly create a blueprint for other communities."
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The mall's demolition began in March 2024. A year and a half later, crews broke ground. Now, one of the many buildings is open and taking leases.
What you can do:
Tours of the units began Aug. 4. Studio apartments in the complex are starting at just over $1,100, while two bedrooms start at almost $2,200. Ogden, out of Milwaukee, will manage and lease the property.
Economic impact
Big picture view:
To make it possible, Racine entered into a tax incremental financing – or TIF – agreement with the developers. The city takes the increase in property taxes from the redevelopment to subsidize some of the construction process.
"We're thrilled to have developers that want to move quickly and invest tens of millions of dollars in our community, so it's a great partnership," Racine Mayor Cory Mason said.
Twenty-six of the subcontractors being used in the construction are based in Wisconsin.
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Mark Lewis, CEO and president for Racine Area Manufacturers and Commerce, sees it as a huge benefit not only for people who need housing, but for the community as a whole.
"I think the apartments there will add even another economic boost to the area, and it's an area that needs an economic boost, and I think it's a good thing," he said.
Portions of this article were formatted using A.I. FOX6's Ben Hanson and an editor reviewed it for accuracy and tone prior to publishing.
The Source: Information in this story was gathered from a 2024 Racine housing report, Hull Property Group and Racine Area Manufacturers and Commerce.