ROCHESTER, Minn. (July 27, 2017) – The Destination Medical Center Corporation (DMCC) Board of Directors voted to approve the $35 million Mortenson project in the Discovery Square sub-district under the DMC Development Plan. The building is one in a series of DMC projects in the sub-district. The project will receive $4.9 million in DMC tax-increment financing.
“Today we take an important step forward with Discovery Square, a place where Minnesota’s next successful medical technology start-ups will be launched. This project will help diversify Rochester’s economy, create great jobs, and ensure Rochester remains America’s City for Health,” said Lt. Gov. Tina Smith, Chair of the DMC Board of Directors. “I thank Mortenson, Mayo Clinic, and the Rochester community for their work on this Discovery Square project. We have taken another important economic development step for the Destination Medical Center, Rochester, and Minnesota.”
ROCHESTER, Minn. (June 14, 2017) – The Destination Medical Center Corporation (DMCC) Board of Directors held a Transportation Work Session today to provide an update on findings since the DMC Transportation Workshop in April.
“A sustainable, comprehensive transportation plan is essential to the success of DMC. Today, we had a valuable discussion about Rochester’s needs, now and in the future,” said Lt. Gov. Tina Smith, chair of the DMCC Board. “Together with the Mayor, City Council, Olmsted County Board, and the EDA Board, we looked closely at design options, with the goal of making transportation work better for people in the DMC district and throughout Rochester and the region.”
ROCHESTER, Minn. (March 23, 2017) – The Destination Medical Center Corporation (DMCC) Executive Committee announced today that the DMC economic development initiative exceeded the $200 million private development investment threshold –needed to trigger the release of state DMC dollars to be used for public infrastructure improvements – by $97.7 million, totaling $297.7 million in private investment.
“Reaching this important milestone reaffirms that we are on the right track, and Rochester is already experiencing growth and new opportunities,” said Lt. Gov. Tina Smith, DMCC Board Chair. “With the $200 million threshold met, I look forward to working with the State of Minnesota, Rochester community and Mayo Clinic to invest in transportation, world-class amenities, and other public infrastructure that supports opportunity for everyone.”
Board also reviews Mortenson roadmap for Discovery Square Project
ROCHESTER, Minn. (Feb. 8, 2017) – Highlighting the growing momentum of the Destination Medical Center initiative, the DMCC Board of Directors today approved a $38 million mixed-used development project. The development would bring 156 market-rate apartments, retail shopping, public parking and pedestrian access to downtown Rochester.
“The Destination Medical Center and Rochester continue to attract private investment and innovation, as our actions at this Board meeting demonstrate,” said Lt. Gov. Tina Smith, chair of the DMCC Board. “The momentum with Discovery Square, which will be a nation-leading center for life science innovation, is especially encouraging. We need to keep this momentum going and continue working with Rochester, Mayo Clinic, and the private sector to expand jobs and opportunity in America’s City for Health, and all of Minnesota.”
The Alatus Development project will add over 347 residential units, restaurant, commercial, and retail space. Project highlights growing momentum of Destination Medical Center initiative, with over $200 million in development since 2013.
ROCHESTER, Minn. (Dec. 15, 2016) – The Destination Medical Center Corporation (DMCC) Board of Directors today approved the $115 million Alatus LLC 2nd Street Development Project for the DMC St. Marys Place sub-district subject to a final review of the project’s financing. The 13-story mixed-use development is expected to include over 347 residential units, 13,500 square feet of ground floor retail space, and 7,500 square feet of second-floor office and retail space.
Projects would add over 270 apartment units and 200 hotel rooms to DMC district
ROCHESTER, Minn. (Oct. 27, 2016) – The Destination Medical Center Corporation (DMCC) Board of Directors today received a preliminary view of two significant mixed-use project proposals aimed at building hotel, retail, and residential housing options in key sub-districts within the DMC District. Board members also received an update regarding transportation planning efforts and approved the DMCC’s funding request for 2017.
Titan Real Estate and Investments and the Opus Group provided initial background on a proposed 156-unit apartment complex that would be built in the Discovery Square district upon a First Ave. surface parking lot. The development would include retail and parking within, as well as a green roof and pedestrian access to downtown. Titan, a local company, was the developer of “Broadway at Center,” one of two DMC-approved projects.
ROCHESTER, Minn. (August 25, 2016) – At today’s board meeting, the Destination Medical Center (DMC) Corporation Board of Directors took a major step forward on DMC’s Heart of the City sub-district by approving the recommendation of the Heart of the City Community Advisory Committee to select RSP Architects as the design team for public space in Heart of the City. The DMC Corporation Board also was updated on the latest progress of the Discovery Square sub-district and transportation.
“The Heart of the City district is an essential part of our strategy to ensure Rochester’s place as America’s City for Health,” said Lt. Governor Tina Smith, DMC Corporation Board Chair. “It will be the place where Mayo Clinic, medical innovation, new business and hospitality opportunities, and housing choices all meet. Today’s announcement takes us a step closer to this goal.”
Following the meeting, the DMC Corporation Board toured the recently reopened Conley-Maass Building located in Discovery Square and met with the building’s tenants and collaborators.
ROCHESTER, Minn. (June 23, 2016) – At today’s board meeting, the Destination Medical Center (DMC) Corporation Board of Directors discussed Mayo Clinic’s recent announcement of a major milestone for DMC’s Discovery Square; highlights from this year’s BIO International Convention; DMC urban design guidelines; and updates on DMC priorities, including Heart of the City and transportation.
“Mayo Clinic’s investment in Discovery Square is an exciting step for the City of Rochester. Discovery Square will propel the development of innovative ideas, products, and businesses in southeast Minnesota,” said Lt. Governor Tina Smith, DMC Corporation Board Chair. “We are well-positioned to make Rochester ‘America’s City for Health’ and the world’s premier destination for health and wellness.”
ROCHESTER, Minn. (May 26, 2016) – At today’s board meeting, the Destination Medical Center (DMC) Corporation Board of Directors highlighted the substantial progress being made on projects in the DMC District. These projects include some of the DMC’s top development priorities: Discovery Square, Heart of the City, and transportation improvements. The Board also heard plans for DMC’s participation in this year’s BIO International Convention, the largest international event for the biotechnology industry.