Iowa-based developer plans major Racine redevelopment project

Davenport, Iowa-based Financial District Properties plans to redevelop a 20-acre area within the 325-acre RootWorks redevelopment area in downtown Racine.

The first phase of the 20-acre project, called Machinery Row, will be the redevelopment of a three-story warehouse, built around 1900, at 900 Water St. Initial plans call for apartments on the third floor of the building, commercial space on the second floor and retail space on the first floor.

The City of Racine plans to provide tax incremental financing funds to install infrastructure for the building, and a public promenade along the river.

The public and private costs for the first building of the Machinery Row project is estimated at $65 million.

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