Belle Harbor Lofts now market rate; renovations in progress
RACINE — Thorough interior renovations of the Belle Harbor Lofts, which is now a market-rate Downtown apartment complex, are well underway by the complex’s new owner.
Last October, Gorman & Co., the developer of three major Downtown housing projects including Belle Harbor, 134 Main St. sold the 78-unit complex to Pre/3 of Brookfield for $4.8 million. Soon afterward, Gorman also sold the Mitchell Wagon Factory Lofts, 815 Eighth St., to a New York buyer for $7.55 million.
Belle Harbor, a $9.1 million project which opened in 2002, was Gorman’s first Racine project and was a combination of redevelopment and new construction. It created 34 living units in the vacant former Olson Auto Supply building, and 44 more in an all-new attached structure to the north.
The Belle Harbor development involved tax credits in a federal program that capped the amount the complex’s residents could earn. Most could not earn more than 60 percent of Racine County’s median income, explained Anne Christensen, an assistant vice president with Pre/3’s property management arm, Premier Real Estate Management Co.
That program fell off in January 2018. Since then, there is no longer an income ceiling for Belle Harbor residents. Anyone new coming in will pay market-rate rent. For those who lived in the building at that time their rent must stay within the affordable rent range for three years, Christensen said.