Hovde Properties plans a more than $40 million apartment and hotel development on Racine’s waterfront on land where city officials in 2017 had envisioned a conference center.
The project at 233 Lake Ave. would have two market-rate apartment buildings standing up to five stories tall, and a hotel with about 100 rooms, according to Tuesday’s announcement. The Racine Redevelopment Authority owns that land, and this week will consider giving Hovde a one-year option to purchase the land so it can firm up plans.
“We think the area is going to grow over the long-term, not just because of Foxconn (Technology Group) but because of the businesses that are relocating from northern Illinois,” said Randy Guenther, Hovde Properties chief operating officer.
This would be the first Racine County development for Hovde Properties. The Madison firm has done several developments in Dane County and the Brix Apartment Lofts in Milwaukee’s Walker’s Point neighborhood.