Cardinal Capital Management, of West Allis, has several other development projects they partnered with the City on, including the former Ajax property. In that project, they have completed the first of two multi-family housing buildings.
The development firm submitted the Porter’s project proposal Friday to the Department of City Development.
Plans include building 141 market-rate apartments, a sub-surface parking level with 209 parking units, and two retail spaces totaling 18,000 square feet. The residential portion of the plan features balconies with lake views, a first-floor lounge, a green roof terrace and dog walking space, and an electric charging station for electric vehicles.
“Cardinal Capital is excited to partner with the City of Racine on the redevelopment of the Porters site,” said Erich Schwenker, president of Cardinal Capital. “We are working closely with Mayor Mason and his team to ensure we complement the City’s plan for sustainability and quality housing. We look forward to helping revitalize the downtown area. We want to thank the Mayor, City staff and officials, and the Porter’s family for all of their collaborative efforts. We are excited to move this project forward.”