On March 28, The Journal Times reported:
Financing for Pointe Blue, which will be this city's largest development project ever, is now in place. Tuesday's announcement by the developer means the project will soon begin construction...Here's what the site of the largest development in Racine history currently looks like ...
Over the weekend, the financing package for both site acquisition and construction fell into place, the developer, Scott Fergus of KeyBridge Development Group, said Tuesday.
"They have agreed to finance the project," Fergus said of the national capital group which wants to remain unnamed until the closing. Fergus said that should happen on or before April 11.
The financing announcement erases the perception of uncertainty that some observers had when the complex deal took longer than expected to be knitted together.
Fergus, president of Milwaukee-based KeyBridge, said he heard the doubts, but never shared them.
"In reality, no, I never doubted it was going to happen," said the former Racinian and state legislator.
Mayor Gary Becker said he heard the doubts also, but remained confident during the process.
"The thing about it was: Although there were potholes, it always kept moving forward," Becker said.
Fergus said he expects construction to start about April 16. Despite delays, he said the project is still on schedule...
It doesn't look like they've hit those April deadlines. In fact, they haven't moved dirt on this project, and nobody seems to be saying why. Hopefully we'll find out this week. -d
