(WGTD)---A major addition to Racine's downtown was announced Tuesday.
Mayor Cory Mason and Madison-based Hovde Properties unveiled a $40 million hotel/apartment complex---with sweeping views of Lake Michigan---to be built on a 3-1/2 acre site at Lake Avenue and Gaslight Drive. "It should give us more of what we need which is hotel and housing," said Mason.
The two apartment buildings---4 or 5 stories high---will include about 190 market-rate units---with a mix of studio---one-bedroom---and---two bedroom apartments along with an enclosed parking structure, a dedicated amenity building, workout facility, club room and outdoor activity centers in a central courtyard.
The hotel is projected to have about 100 rooms.
Randy Guenther is COO of Hovde Properties. "We're very excited about the site," he said at a news conference. "We think it's a great location."
The project will incorporate features of the Smart City Initiatives being introduced in Racine.
The Racine Redevelopment Authority will vote this Thursday on whether to grant site control to Hovde Properties for testing and engineering purposes.
If all goes as planned, the development company hopes to break ground next spring and be operational a year later.