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Hovde Properties Plans $40 Million Downtown Racine Project with Hotel & Apartments

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.

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Hovde Properties Plans 40 Million Downtown Racine Project With Hotel Apartments 1

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When you reside at Ovation 309, you will walk into a world of genuine culture and strong character. Our community is the pinnacle of luxury living in Madison thanks to our exclusive amenities you can’t find anywhere else. With thirty eight original floor plans across thirteen floors, we have a wide variety of one bedroom, two bedroom, two bedroom with a den, and three bedroom apartments, so you’re sure to find a style that suits you.
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