Racine County Real Estate: Machinery Row Properties Sell

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Three parcels included in the Machinery Row project were sold to Financial District Properties (FDP) on Dec. 31 totaling $2.6 million, according to the Racine County property transfer list.

The project — a retail and apartment development along the Root River — is in the 900 block of Water Street.

Financial District Properties, a commercial real estate  development company based in Davenport, Iowa plans to develop the 20-acre multi-parcel site. The first phase represents $42 million of the $65 million project. The project was passed at a special board meeting in December.

They are:

• Richard Olson, owner of 900 Water St., sold the 5.7 acre parcel to FDP MR LLC for $1.5 million.
• Azar LLC, owner of 702 Water St., sold the property to FDP MR LLC for $550,000.
• Sam Azarian & Sons Marina, owner of 470 Water St., sold the property for $550,000.

In an 11 – 4 vote, the Racine common council approved the first phase, which calls for the city to use $1.8 million in intergovernmental revenue-sharing funds to purchase three parcels of land; granting a $4.5 million bridge loan from the redevelopment authority to Financial District Properties; and the city borrowing $7 million to pay for infrastructure improvements. The development includes 12 properties along 900 Water St.

The $4.5 million loan dollars will come from the redevelopment authority. Once Financial District Properties secures financing from the Department of Housing and Urban Development, it is expected to pay back the $4.5 million to the redevelopment authority.

Here are the other properties that sold in Racine County between Dec. 29 through Dec. 30.