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.
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| 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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