(Rochester, Minnesota) Sept. 25, 2018 – The Destination Medical Center Corporation (DMCC) Board of Directors today recognized significant progress with several DMC projects. Among them – One Discovery Square – a Mortenson development consisting of 90,000 square feet of lab and office space that will cater to the life science economy.
Mortenson Director of Real Estate Development Jeremy Jacobs updated the Board on progress, and when asked about any new leases, he noted that Epic has signed on as a new tenant, joining previously announced anchor tenants Mayo Clinic and the University of Minnesota Rochester. Additional companies (large and small) will be announced within 60 – 90 days. One Discovery Square is expected to open in April 2019.
The Destination Medical Center Corporation (DMCC) Board of Directors has approved public infrastructure funding of four new downtown Rochester development projects.
The DMC funding of $11.82 million supports $342 million in new investment, that includes waterfront development, Heart of the City redevelopment, and new hotel concepts. The projects will result in the creation of more than 450 new, permanent jobs and nearly 600 construction jobs.
Rochester, Minn. (March 22, 2018) – The impact of Destination Medical Center (DMC) is being felt throughout the southeast Minnesota region, and DMC Corporation (DMCC) board members recognized considerable progress toward several private developments and previewed some proposed projects that continue to showcase Rochester as a prime market for investors, developers and entrepreneurs.
Action by the Board included authorization of a 2017 private investment report to the Minnesota Department of Employment and Economic Development (DEED) totaling more than $131 million. To release state DMC funding over the span of the initiative, DMCC must present DEED with an annual accounting of qualified private investments made within the DMC district. DEED is then responsible for certifying the investments and qualifying DMC to receive state funding for public infrastructure projects.
FOR IMMEDIATE RELEASE – Rochester, Minn. (Nov. 2, 2017) – The Destination Medical Center Corporation (DMCC) Board of Directors today recognized significant progress toward several private developments, public infrastructure, business development, and planning goals of the Destination Medical Center initiative.
A significant highlight shared with the Board focused on job growth. More than 3,300 jobs were added since 2014 and construction activity at the four DMC-funded projects will result in more than 1,000 combined construction jobs.
The Board specifically acknowledged today’s groundbreaking by Mortenson on their Phase 1 building at Discovery Square.
“Discovery Square will be the place where Minnesota’s next generation of medical start-ups will want to be. It will create new opportunity for jobs, innovation, and economic growth and represents a major step toward fulfilling our mission of building America’s City for Health,” said Lt. Governor Tina Smith, chair of the DMCC Board of Directors. “I thank Mortenson, Mayo Clinic and the Rochester community for their work on the Discovery Square project. This is great news for Rochester and our state.”
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.