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.

 

Burlington
916 Weiler Rd. $197,500.00
Caledonia
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
Dover
24931 Minnehaha Dr. $60,000.00
Mount Pleasant
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
North Bay
3521 N. Main St. $240,000.00
Norway
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
Racine
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
Sturtevant
988 Hastings Ct., Unit 202 $125,000.00
Union Grove
1104 Main St. $85,000.00
Waterford
6918 N. Tichigan Rd. $215,000.00
Yorkville
15618 Ives Grove Rd. $130,000.00
14601 Braun Rd. $310,000.00

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Denise Lockwood has an extensive background in traditional and non-traditional media. She has written for Patch.com, the Milwaukee Business Journal, Milwaukee Magazine and the Kenosha News.