The redevelopment is expected to create approximately $80 million in new property value
By Stuart J. Wattles
RACINE, Wis (WRJN) – The iconic Regency Mall is undergoing a massive $120 million transformation, with the latest photos showcasing the progress of the demolition work. The eastern portion of the mall is being demolished to make way for the new development, which includes a Woodman’s Food Market, a gas station, over 200 apartments, and additional retail and dining options.
The demolition work officially started weeks ago, signifying a fresh start for the aging mall. Approximately 400,000 square feet of the mall will be demolished, with stores that were located in the eastern section already relocated.
Mayor Cory Mason emphasized the significance of this redevelopment, highlighting its potential to reinvigorate economic activity in the area. The addition of a substantial grocer like Woodman’s Food Market addresses the city’s need for more food options.
To support the redevelopment project, the city of Racine approved up to $39.4 million in tax incremental financing in April 2023. This financing allows Hull Property Group, the developer, to recoup a portion of the annual property taxes generated by the mall redevelopment.
The redevelopment is expected to create approximately $80 million in new property value, providing a significant boost to the local economy.
The demolition of the former Boston Store marked the start of Phase I of the redevelopment project. Construction of Woodman’s Market and the gas station is scheduled to begin in July 2024, with an anticipated opening in summer 2025.
Subsequent phases of the redevelopment will introduce over 200 apartments, along with more retail and dining options, further enhancing the area’s appeal and vibrancy.
As the demolition progresses, the community eagerly awaits the transformation of the Regency Mall into a vibrant mixed-use development, breathing new life into the city’s retail and residential landscape.
