(Rochester, MINN) March 21, 2019 – The Destination Medical Center Corporation (DMCC) today announced that private investment in the Destination Medical Center (DMC) district totaled $262 million in 2018, a 100 percent increase over 2017.
The 2018 private investment will release approximately $13.5 million in state public infrastructure funding. Since 2013, DMC has generated more than $690 million in private investment for development in Rochester.
“This is good news and is demonstrating that the DMC model is working,” said DMCC Board Chair R.T. Rybak. “Investors and developers are supporting the DMC vision. Their investments in Minnesota’s largest economic development initiative will benefit the entire state.”
“The downtown we envisioned just a few short years ago is becoming a reality,” said Lisa Clarke, DMC Economic Development Agency executive director. “The infusion of capital that is transforming Rochester is creating new living and hospitality choices as well as opportunities for startup businesses.”
Private investment in 2018 exceeded all previous DMC single-year investment totals. Among the highlights were:
- Mayo Clinic investments totaling $126.5 million, the largest single-year total and a year-over-year increase of $40.5 million (+47 percent)
- Non-Mayo private investments of $135.4 million, the largest single-year total and a year-over-year increase of $90.4 million (+201%)
- Private investment in 2018 qualified DMC for $13.5 million in 2019 state aid
To release state funding over the span of the initiative, DMCC must present the Minnesota Department of Employment and Economic Development (DEED) with an annual accounting of qualified private investments in the DMC district. DEED is then responsible for certifying the investments and qualifying DMC to receive state funding for public infrastructure projects.
Nine project grand openings are scheduled in the DMC district in 2019.