RACINE — A portion of Regency Mall in Racine could be demolished and replaced by a new grocery store and apartments.
According to our partners at the Milwaukee Business Journal, a draft city tax incremental financing district plan would help fund a multi-phased redevelopment valued at more than $71 million.
The project could start as soon as next year and last into 2027. The plan includes more than $39 million in city financing to help pay for the project and provide incentives to Hull Property Group, the developer.
Hull Property Group of Augusta, Georgia acquired Regency Mall in 2016 and later acquired the vacant Boston Store connected to the mall.
The redevelopment plan states that 60% of the mall is currently vacant, according to the Milwaukee Business Journal. Past redevelopment efforts refilled a former Sears and J.C. Penney with Dunham Sports, Ross Dress for Less, Party City, Jo-Ann Fabric, and Craft.
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Around 400,000 square feet of remaining vacant property would go towards a new "grocery supercenter." The operator of that store is not identified in the plan,the business journal said.
A full redevelopment plan has not been submitted to the city yet, but that development could be followed by new apartments and a retail center. The final phase of the redevelopment would include building five restaurants and developing another retail outlet.
According to the business journal, the city of Racine is proposing up to $22.2 million in TIF spending to support the efforts. That number includes assistance with demolition costs, $4.2 million to build new exterior walls and rework the preserved portions of the Regency Mall, and $5 million needed to help relocate existing businesses on the property.
The TIF spending would be paid off by 2044 by property taxes on the anticipated $71 million new land value.
