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 Titan Real Estate and Investments and Opus Group project will be located in the Discovery Square sub-district. It will offer apartments ranging from studios to two bedrooms, with views of downtown and the Zumbro River. The development also will offer 9,000 square feet of restaurant and retail space.
“This project will generate jobs, attract additional private investment to the region and boost the regional tax base,” said Lisa Clarke, executive director, DMC Economic Development Agency (EDA). “It fits well within the Discovery Square sub-district plan, one of the top priority areas for the DMC initiative and the DMCC board.”
Mortenson Project within Discovery Square Continues to Move Ahead
The DMCC Board of Directors also reviewed the updated development plan by Mortenson concerning its planned facility in Discovery Square, a significant part of a densely populated and highly connected urban life science hub, attracting the world’s leading medical practitioners, educators, researchers and businesses owners.
“Discovery Square will leverage the already vibrant and growing entrepreneurial environment in Rochester,” said Clarke. “The Mortenson Project will give Discovery Square the acceleration that DMC economic engine needs to drive the initiative forward.”
During the presentation to the Board, Mortenson representatives explained how the project will be designed and built to align with the DMC vision and objectives and disclosed the general timeline of activities leading up to a groundbreaking in the fourth quarter of 2017.
“We are in advanced stages of planning for the first Phase of the much-anticipated entrepreneurial and life science research ecosystem located at Discovery Square. The effort has truly taken a village, but we’ve had the good fortune to partner with some of the world’s finest consultants, planners, and designers. Working collaboratively with the DMC Economic Development Agency, Mayo Clinic and the City of Rochester, we plan to deliver a building that will become the pride of Rochester and the State of Minnesota,” said Jeremy Jacobs, development executive at Mortenson.
Transportation and Infrastructure Updates
The Board received an update regarding the integrated transit studies by SRF Consulting on behalf of the City of Rochester. SRF leaders presented several transportation options currently under consideration. SRF now plans to evaluate recent community input and narrow all concepts into three primary alternatives to consider. Board members also received a report concerning tax increment financing (TIF) with recommendations from the city and the DMC EDA to use a portion of it for transportation projects.
In other business, members of the DMCC Board approved a resolution to establish an executive committee, which would take actions as needed between Board meetings. The Board also approved an annual communication and report from DMC to legislative leaders and leadership of state departments with oversight of DMC concerning the development plan and its progress, investment, and financing sources.
DMC Sub-District Developments
In a public hearing, held as part of the Board meeting, DMCC leaders heard from the public related to a proposed boundary change within the St. Marys Place sub-district, which was requested by developers of the $115 million Alatus LLC 2nd Street Development Project. After the public hearing, DMCC board members approved the proposed boundary change.
The next scheduled meeting of the DMCC Board of Directors will take place on April 27, 2017.