The Destination Medical Center Corporation Executive Committee approved a report documenting over $185 million of new private investment in Rochester and the DMC district. This brings the cumulative total to over $1.8 billion in private investment since the beginning of the DMC initiative.
The 2024 figures include $176.2 million in Mayo Clinic investment, its largest-ever annual investment. This pushes Mayo Clinic’s contributions to $1.24 billion since the approval of the DMC legislation. Mayo continues to invest across its three priority areas of practice, research, and education. There was continued progress of the Andersen Building which houses the expansion of the Proton Beam Therapy program, as well as the ongoing fit out of the Anna-Maria and Stephen Kellen Building. The multiphase project within the Siebens Building saw the redesign of the Barbara Woodward Lips Patient Education Center.
“Mayo Clinic’s historic investment underscores its unwavering commitment to innovation, patient care, and Rochester’s continued growth as a global medical destination,” stated DMC EDA executive director Patrick Seeb. “This milestone reflects the confidence in DMC’s vision and the momentum we are building to attract additional private investment and economic opportunity.”
The 2024 report also shows $9.3 million was invested by other private organizations. Restaurants, retail, innovation, and housing were the key areas of investment over the past year in the DMC District. New and established businesses were a part of the mix including Mill Valley Kitchen, Taco JED, Rion Health, and Residence at Discovery Square were highlights of the report.
“Our small businesses play a vital role in shaping a thriving downtown,” said DMCC Vice Chair Kim Norton. “Their investment this year reflects their dedication to Rochester’s growth, enhancing our community’s vibrancy, and ensuring a strong, diverse economy.”
The next DMCC Board meeting is set for Thursday, May 22, 2025, at 9:30 a.m.
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About DMC
Destination Medical Center (DMC) is the largest public-private economic initiative in Minnesota’s history. The 20-year plan to transform Rochester into a global destination for health and wellness will attract developers, investors, startups, and entrepreneurs to live, work and play in America’s City for Health. For more information, visit dmc.mn.