GEOGRAPHIC AND COMMUNITY POSITIONING
With new construction housing in short supply, nearly any viable location in Racine County is suitable for residential development, particularly areas near I-94, such as Mount Pleasant, which offer proximity to employers and amenities. Stakeholders could also consider creating master-planned communities with varied housing, scenic landscaping, trails, parks, and open spaces. This type of vibrant, lifestyle-focused development is rare in southeast Wisconsin, positioning Racine County to attract strong demand and interest from nearby areas.
Key considerations for planning a destination master-planned community:
CLOSING REMARKS
Despite a focused planning and design strategy, some incentives or concessions will likely be needed to introduce for-sale properties (as positioned) to the market, particularly in larger-scale communities. This aspect should be carefully evaluated during the planning phase. For rental properties, incentives or concessions may be less necessary at current benchmark rents, as these align more closely with newer market standards. However, given rising construction costs, some support may still be warranted for rental developments.
Examples of incentives used by others to bridge the gap between development costs and attainable housing prices include options like Tax Increment Financing (TIF), land subsidies, or land subordination to lower or eliminate land costs. Another approach, as seen in Sheboygan County, involves securing contributions from major employers to help offset development expenses. Additionally, down-payment assistance programs for homebuyers can further support the availability of affordable housing.
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