From The Journal Times.com:
By Michael Burke
"RACINE — The former Porters
of Racine owner will not redevelop the existing buildings into retail
spaces and apartments — but instead will remove the historic buildings
to make a clear development site.
"Micah Waters, who co-owned the
former high-end furniture store at 301 Sixth St. and owns the property,
told The Journal Times on Thursday of his family’s decision not to
proceed with an estimated $6 million redevelopment there.
"The
project was to have converted the 80,000-square-foot historic building
into 37 market-rate apartments and enough ground-floor retail space for
up to seven storefronts.
"Now, Waters said, 'The plan is for the
property to be developed in another way — maybe with another developer.
... We are going to develop this property one way or another.'”
Read more: http://journaltimes.com/news/local/porters-project-stopped----buildings-to-be-removed/article_e25bf0bc-8a0e-11e3-ae0e-0019bb2963f4.html
How is it that every Joe Blow in Racine knew that this project was goiing to be a disaster, but not the high profile people involved?
As I understand it, three million taxpayer dollars have been invested in this project. How much you want to bet that the money goes, "Poof!"
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