34-Home Development Advances at Vacant Racine School Site
New Workforce Housing Development Creates Homeownership Opportunities in Racine
A new housing development proposed by Neumann Companies could bring 34 owner-occupied single-family homes to the former Giese Elementary School site at 5120 Byrd Ave. in Racine. The project aims to create attainable homeownership opportunities for local workers, particularly educators and municipal employees who have faced growing challenges entering today’s housing market.
Plans for the 11.2-acre site include a mix of 11 ranch-style homes and 23 two-story homes, with sale prices expected to average between $325,000 and $375,000. Under the proposal, Racine Unified School District (RUSD) employees and City of Racine employees would receive the first opportunity to purchase the homes during a 120-day sales window.
The development is expected to receive approximately $4 million in public financing to support infrastructure improvements and housing affordability. Proposed funding includes $2.3 million from Tax Incremental District No. 31 for roads, utilities, and infrastructure, along with $1.7 million to provide $50,000 in forgivable down payment assistance for each of the 34 homes. The City of Racine would also contribute $300,000 for storm sewer improvements.
City officials recently advanced a development agreement for the project, which is projected to have a total valuation of at least $11 million. If approvals continue as planned, site preparation could begin in March 2027, with home construction starting in July 2027. The homes would be built in two phases over approximately two years.
Source: Milwaukee Business Journal