"Porters project stopped -- Buildings to be removed to make clear development site"

From The Journal Times.com:

By Michael Burke

"RACINE — The former Porters of Racine owner will not redevelop the existing buildings into retail spaces and apartments — but instead will remove the historic buildings to make a clear development site.

"Micah Waters, who co-owned the former high-end furniture store at 301 Sixth St. and owns the property, told The Journal Times on Thursday of his family’s decision not to proceed with an estimated $6 million redevelopment there.

"The project was to have converted the 80,000-square-foot historic building into 37 market-rate apartments and enough ground-floor retail space for up to seven storefronts.

"Now, Waters said, 'The plan is for the property to be developed in another way — maybe with another developer. ... We are going to develop this property one way or another.'”

Read more: http://journaltimes.com/news/local/porters-project-stopped----buildings-to-be-removed/article_e25bf0bc-8a0e-11e3-ae0e-0019bb2963f4.html


How is it that every Joe Blow in Racine knew that this project was goiing to be a disaster, but not the high profile people involved?

As I understand it, three million taxpayer dollars have been invested in this project.  How much you want to bet that the money goes, "Poof!"