One year of data from 2024 highlights inclusive job creation, community revitalization, and sustainable redevelopment in Racine.
RACINE, WI – [June TBD, 2025] – A new impact report created by J.Jeffers & Co. highlights the economic, social and environmental outcomes of Year One operations at Belle City Square’s Commercial Phase 1. Backed by $21 million in New Markets Tax Credits (NMTC) secured in 2023, the historic redevelopment of the former Horlick Malted Milk Company Industrial Complex is proving to be far more than a real estate project: It’s a community reinvestment strategy in action.
The report, a requirement of the NMTC program’s rigorous seven-year compliance period, serves as both an accountability measure and a reflection of the social and environmental goals outlined in the project’s formal Community Benefits Agreement. These goals are being pursued in close partnership with the Racine community.
“The City of Racine is proud to support the continued progress at Belle City Square,” said Mayor Cory Mason. “This redevelopment is creating jobs, revitalizing a historic site and attracting new energy and investment to our community.”
In 2024, Commercial Phase 1 created or retained 50 permanent full-time jobs and supported 65 construction jobs. All construction jobs paid above Racine County’s Massachusetts Institute of Technology (MIT) Living Wage of $20.47 per hour.
Among the most powerful examples is The Inclusive Bean. The woman-led nonprofit café opened on campus in 2023 and now employs 12 people — 65% of whom are individuals with cognitive or physical disabilities. Staffed by neurodiverse teens and adults, the café offers not just jobs, but confidence, training, and support with a 2:1 coaching ratio.
Longtime light industrial tenant Altus Vinyl thrived in the new development, retaining 19 employees—75% promoted from entry-level positions, with 20% of management roles filled from internal promotions.
Entrepreneurs, especially women, are finding opportunity at Belle City Square. At Maltworks—a business hub home to artist studios, maker spaces and offices—90% of tenants are women-owned businesses. They benefit from subsidized rent, direct referrals to small business development partners and a collaborative space designed for sustainable growth.
“Maltworks is clean, secure, well-maintained and provides the perfect environment for me to work out of as a psychotherapist,” said Sarah Jaeck, a Maltworks tenant. “I’m so grateful for this space that fosters both productivity and community.”
More than 95% of permanent jobs created in Year One are classified as accessible, available to individuals with a high school diploma or less. Community partnerships play a critical role in commercial revitalization at Belle City Square. As the campus has emerged as a hub for small business development and industry innovation, regular programs and referral agreements with partners like Racine County Economic Development Corp., Racine Area Manufacturers and Commerce and University of Wisconsin Parkside Small Business Development Center provide strong tenant value and measurable economic impact. Going forward, the campus anticipates hosting regular small business development workshops to convene local resources.
The Inclusive Bean, in particular, fills a critical need in Racine County, where more than 20,000 residents live with disabilities, and nearly 30% are unemployed or underemployed. By centering mission-driven, inclusive employment, the café is helping build both workforce opportunity and community connection.
The development also integrates long-term environmental goals. Located on a remediated brownfield site, Belle City Square has secured LEED Gold certification for two residential buildings. Phase 1 commercial upgrades include a rooftop solar array, solar carport and a four-stream construction waste management system expected to recycle more than 7,000 tons of materials.
“Belle City Square isn’t just a real estate project. It’s a commitment to place-based investment that creates lasting value for people,” said Josh Jeffers, president and CEO of J. Jeffers & Co. “This report proves what we’ve known all along: thoughtful redevelopment can drive opportunity and inclusion.”
About Belle City Square
Belle City Square is a landmark redevelopment of the historic Horlick Malted Milk Company
Industrial Complex in Racine, Wisconsin. Led by J. Jeffers & Co., the project is reactivating a 16-acre brownfield site into a vibrant, mixed-use neighborhood featuring more than 300 residential units, commercial space, public amenities, and artist-driven programming. Originally built between 1875 and 1960, the Horlick campus was once home to one of the most iconic malted milk brands in the world. Today, Belle City Square honors that legacy while creating a vibrant, inclusive 18-hour neighborhood.
About J. Jeffers & Co.
Founded and headquartered in Milwaukee, J. Jeffers & Co. is a mission-driven real estate development and investment firm dedicated to creating a lasting community impact. Carrying out a commitment to historic preservation, adaptive reuse and architecturally sensitive new construction for nearly 15 years, the company transforms underutilized properties into catalysts for economic growth, equity and revitalization. J. Jeffers & Co. pioneered Milwaukee’s first accessible student housing in partnership with Milwaukee Area Technical College, expanded affordable housing options and revitalized Racine’s former Horlick Malted Milk Company Industrial Complex into a thriving mixed-use community.
