Racine---The next step in determining whether a Madison-based developer will take over the stalled Machinery Row project is expected to come in mid-March. That's when representatives of Gorman & Company are to meet with the city's Redevelopment Authority to present their findings.
City officials announced Wednesday night that Gorman is in the process of reviewing the project to see if it's economically viable.
Machinery Row was launched with a bang two years ago when a Davenport-based developer promised to convert a couple of massive, old industrial buildings along the Root River in downtown Racine into a housing and retail development. Over time, the company seemed to lose interest, then defaulted on a $4.5 million city loan. The city is now poised to claim its collateral--the riverfront property--and turn it over to Gorman.
At a special city council meeting Wednesday night, Ted Matkom, Gorman's Wisconsin market president, said his firm has a good working relationship with the Iowa developer, who he said has been sharing information with Gorman, and otherwise cooperating with Gorman's due diligence.
Gorman has a successful track record in Racine, having three redevelopment projects under it's belt. "We think we know Racine," Matkom told the council members Wednesday. "We are bullish on Racine," he said.
Gorman is the same company that's working to turn the former Elk's Club building in Kenosha into a boutique hotel.
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