A company associated with Foxconn Technology Group has completed the purchase of a downtown Racine office building that the technology giant has said it will use as an innovation hub.
Foxconn in October announced that it would buy a three-story building in downtown Racine to test “smart city” projects using technologies developed by the company. The company last week closed on the purchase of the building, buying it for $6.25 million from Kansas-based Midwest Professional Properties, according to state records. Company officials have said about 125 employees would ultimately work out of the building, called “Foxconn Place Racine.”
Last fall, company officials said the building would compliment the company’s efforts at the massive Mount Pleasant plant where work is underway. Employees who work out of the innovation hub could pursue a number of broadly defined smart city projects, such as building transportation networks or designing living spaces.
Foxconn has also spent nearly $12 million on properties that will house innovation centers in Green Bay and Eau Claire. Late last year, FE Watermark LLC, a firm linked to Foxconn, purchased 10 condo units inside Green Bay’s Watermark building, at 301 N. Washington St., for $9.25 million, according to real estate records.
In Eau Claire, FE Haymarket LLC, another company linked to the tech giant, bought three condo units inside the city’s Haymarket landing building, at 200 Eau Claire St., for $2.7 million.