In 1835, after finding these falls and their fine water power, Massachusetts pioneer and entrepreneur Silas Stedman bought the surrounding land for village and industrial development. The following year, he platted the "Town of Rochester" and built the first sawmill at the falls. By 1849, the industrial center had grown to include three sawmills, a fanning mill manufactory, two flour mills, and an iron foundry. In 1850, Wisconsin legislators renamed the "Town of Rochester" to Sheboygan Falls, and the village continued to develop throughout the 19th and early 20th centuries. Bounded by the Sheboygan River on the east and Detroit Street on the west and including Broadway, Pine, and Monroe streets, the downtown historic district preserves this history in a compact area with many industrial and commercial buildings in a variety of architectural styles dating from the 1840s through the early 20th century.