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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.
- 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.
|916 Weiler Rd.||$197,500.00|
|7156 Lone Elm Dr.||$89,900.00|
|2624 Arrowhead St.||$125,000.00|
|8905 Rodney Ln.||$156,900.00|
|1125 Kilbride Dr.||$182,500.00|
|24931 Minnehaha Dr.||$60,000.00|
|5741 Wildwood Dr.||$182,000.00|
|6422 Lincrest Dr.||$226,000.00|
|1033 S. Hwy 41||$350,000.00|
|3700 Pleasant Ln.||$510,000.00|
|3521 N. Main St.||$240,000.00|
|24801 W. Loomis Rd.||$220,000.00|
|8606 Milwaukee Ave.||$275,000.00|
|7817 Trillium Trail||$308,000.00|
|24100 W. Overson Rd.||$320,000.00|
|1417 Johnston Place||$10,000.00|
|4014 20th St.||$12,500.00|
|1331 Monroe Ave.||$28,500.00|
|1620 Indiana St.||$40,000.00|
|2024 Jay Eye See Ave.||$40,000.00|
|2713 Ashland Ave.||$45,000.00|
|1640 Charles St.||$53,900.00|
|2325 Victoria Dr.||$66,000.00|
|2523 Hamilton Ave.||$69,501.00|
|1304 Douglas Ave.||$70,000.00|
|1824 Charles St.||$95,000.00|
|1246 Arthur Ave.||$96,500.00|
|805 Monroe Ave.||$99,000.00|
|704 High St.||$100,000.00|
|2226 Washington Ave.||$106,000.00|
|111 Eleventh St.||$110,000.00|
|2131 La Salle St.||$114,000.00|
|1656 Douglas Ave.||$120,000.00|
|361 Merrie Ln.||$130,000.00|
|700 Echo Ln.||$137,500.00|
|4407 Hawk Hollow Ln.||$392,000.00|
|470 Water St.||$550,000.00|
|702 Water St.||$550,000.00|
|2220 Northwestern Ave.||$600,000.00|
|900 Water St.||$1,500,000.00|
|988 Hastings Ct., Unit 202||$125,000.00|
|1104 Main St.||$85,000.00|
|6918 N. Tichigan Rd.||$215,000.00|
|15618 Ives Grove Rd.||$130,000.00|
|14601 Braun Rd.||$310,000.00|