Davenport, Iowa-based Financial District Properties is planning a $65 million redevelopment project, called Machinery Row, for a 20-acre idle industrial site along the Root River in Racine. The project calls for redeveloping two buildings totaling 720,000 square feet. A 440,000-square-foot building will be renovated into about 165 market rate apartments. The other building will house about 280,000 square feet of mixed use development. The project will also include a grocery store with space for a farmers’ market and a recreation facility. The riverfront will become a three-acre public park, promenade and gathering space. The Wisconsin Economic Development Corp. is providing a $1 million redevelopment grant for the project and $9 million in historic preservation tax credits. The City of Racine is providing $7 million for infrastructure.
