WEDC investment to help fund rehabilitation of Horlick Malted Milk Co. complex
MADISON, WI. AUG. 26, 2021 – The City of Racine is receiving a $250,000 state grant to help fund the redevelopment of the headquarters building within the Horlick Malted Milk Co. complex.
The Community Development Investment Grant from the Wisconsin Economic Development Corporation (WEDC) will support conversion of the vacant facility into a mixed-use building containing apartment units and commercial space.
“One of the top priorities of WEDC is to promote substantive local development by helping communities enhance their business districts and establish firm foundations for ongoing economic growth,” said Missy Hughes, secretary and CEO of WEDC. “This project will not only bring more housing opportunities and commercial space to Racine but will also preserve a piece of the city’s history by redeveloping a historic building.”
Once redevelopment is finished, the property will have 86 units of housing and ground-floor commercial space. Construction has begun with a total capital investment estimated at $23.7 million.
“I want to thank WEDC for its investment in redevelopment of the Horlick site,” said Racine Mayor Cory Mason. “This is an exciting project for the City of Racine. With WEDC’s support, Josh Jeffers and company is transforming an entire neighborhood of the city into an amazing place for people to live, work and play.”
Along with redeveloping the headquarters building, rehabilitation of the adjacent structure is also planned. These developments make up a larger redevelopment plan totaling $210 million.
“The redevelopment of the former Horlick complex, newly renamed Belle City Square, is a great example of what can be accomplished with strong public-private partnerships,” said Joshua Jeffers, president and CEO of J. Jeffers & Co. “We thank WEDC and the City of Racine for their partnership and support in this catalytic project.”
The commercial development provides opportunities for a state-of-the-art workforce training center, a restaurant, coffee shop and creative makerspaces. The project will create 20 jobs after construction is completed.
“I’m very excited to see this project moving forward and thank WEDC for its support,” said state Sen. Bob Wirch. “This is a great way to honor Racine’s history while building for the future.”
“I’m thrilled that an important redevelopment project here in Racine is receiving a Community Development Investment Grant from the Wisconsin Economic Development Corporation,” said state Rep. Greta Neubauer. “The redevelopment taking place at the Horlick Malted Milk Company headquarters is very exciting for our community, as it makes use of beautiful historic buildings and will result in new housing and commercial spaces. I’m very excited to see this project continue and am grateful to the state for supporting the work to grow and evolve spaces like this to meet our community’s needs.”
WEDC’s Community Development Investment Grant Program supports community development and redevelopment efforts, primarily in downtown areas. The matching grants are awarded based on the ability of applicants to demonstrate the economic impact of the proposed project, including public and private partnership development, financial need, and use of sustainable downtown development practices.
From the program’s inception in 2013 to Sept. 30, 2020, WEDC has awarded nearly $26.7 million in CDI Grants to 87 communities for projects expected to generate more than $446 million in capital investments statewide.