DMCC Board approves funding for downtown workforce housing project
(Rochester, Minn.) March 23, 2021 – The Destination Medical Center Corporation (DMCC) Board of Directors at a special meeting today approved a report documenting 2020 private investment in the DMC district of more than $144 million, which brings the cumulative total since 2013 to more than $1 billion in private investment for development in Rochester.
The 2020 figures include $60.3 million in Mayo Clinic investment and $83.8 million by other private investors. The 2020 private investment will release approximately $24.9 million in state public infrastructure funding later this year.
“A year ago, when the pandemic hit and Mayo Clinic put a pause on its work and everything else, I would not have thought we would be sitting here today at $144 million, and that we’re now over a billion dollars in overall private investment,” said DMCC Board Chair R.T. Rybak. “This is really good news.”
The state aid supports many community benefits including new jobs and businesses, accessible public spaces, generational improvements to streets and sewers, increased mobility options, greater arts and culture programming and overall downtown vibrancy.
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.
The DMCC Board approved $2.2 million in DMC General State Infrastructure Aid for the Bryk on Broadway Apartments workforce housing project. Located at the corner of North Broadway Ave. and Civic Center Drive NW in DMC’s Central Station sub-district, the Bryk will be a six-story, mixed use building with 180 living units as well as commercial space. The building will offer housing at varying rent levels, including 50, 60, and 80 percent of area median income.
This project checks the boxes for affordable living and provides many community benefits including neighborhood stabilization and revitalization, designed to meet sustainability performance goals, targeted business requirements, transit corridor density and walkability to downtown and employment.
Board members shared in excitement for this project.
“I think it’s phenomenal to have a local private developer willing to put their private equity on the line for workforce housing,” said DMCC Board member Paul Williams. “Bravo to the developers working on this.”
The DMCC Board also approved construction bid documents for Discovery Walk, a four-block linear parkway project along 2nd Ave. SW.
The next DMCC Board Meeting is May 20, 2021 at 9:30 a.m.