Tag: Development

A major milestone: DMC exceeds $200M private investment threshold for unlocking state dollars

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The DMC Corporation (DMCC) Executive Committee announced today that the private investment threshold of $200M needed for DMC to receive state dollars for public infrastructure improvements has been met. In fact, private investments in the DMC District from July 2013 through the end of 2016 totaled nearly $298M, exceeding the $200M requirement by nearly $100M.

Lt. Gov. and DMC Corp. Board Chair Tina Smith

“Reaching this important milestone reaffirms that we are on the right track, and Rochester is already experiencing growth and new opportunities,” says Lt. Gov. Tina Smith, DMCC Board Chair, who submitted the 2016 private investment draft report to the Minnesota Department of Employment and Economic Development (DEED) on behalf of the DMCC Board.

Press Release: DMCC board approves $38M residential and retail project

Press Releases

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.”

Kicking off 2017: DMC puts you in the middle of it all

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The DMC vision is not one that can be accomplished alone – or overnight. But with the advancements that took place on the DMC Development Plan over the past year, Rochester is well on its way to becoming a premier global medical destination.

It doesn’t take an urban planner to recognize the qualities it takes for a city to be successful. DMC is in the middle of it all: growth, investment, culture, community, innovation… the list goes on. And Rochester is hitting the mark on each attribute, ensuring 2017 will be another year of success.

Growth: A map on the DMC website highlights the fourteen projects currently in various stages of development in the DMC district, including the Alatus Development Project in St Marys Place (#14), the Titan-OPUS Project in Discovery Square (#3), and the Lofts at Mayo Park in the downtown Waterfront (#9), just to name a few.

Investment: Private investment gained significant momentum during 2016 that put DMC on course to reach the $200 million threshold that unlocks $585 million in public funds spanning over 20 years.

DMCC Board approves $115M mixed-use development for St. Marys Place sub-district

Press Releases

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.

An Incredible View: Lofts at Mayo Park in the Downtown Waterfront sub-district

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Rendering of Lofts at Mayo Park

More signs of development in DMC’s Downtown Waterfront sub-district have taken shape. The Lofts at Mayo Park, a 29-unit housing development, will soon offer new housing options – short- and long-term, furnished and unfurnished – to visitors and residents of Rochester.

DMC Corporation board members, DMC Economic Development Agency (EDA) staff, and city leaders were given a tour of the site in late October.

DMCC Board Reviews Two Major Mixed Use Development Proposals

Press Releases

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.

Mayo Clinic selects developer for Discovery Square

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MortLogo_400x400The DMC vision moved another step closer to becoming a reality today when Mayo Clinic announced today that it will collaborate with M.A. Mortenson, a Minneapolis-based real estate development and construction firm, on the DMC sub-district Discovery Square.

Over the next 20 years, Mayo Clinic will add 2 million square feet of space in Discovery Square for research, education, and product development.

“With [Mortenson’s] experience, they will be a fantastic partner with Mayo to spearhead the development of the six-block Discovery Square, the bioscience research, education and medical innovation campus that is the core of the DMC,” says Lt. Governor Tina Smith, DMC Corporation Board Chair. “Discovery Square, which will include Mayo and other private businesses, is a key milestone for DMC.”

Flats on 4th: Coming soon to the DMC district

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As the Destination Medical Center economic development initiative takes off, so has Rochester’s housing market.

Case in point: new mixed-use apartment complexes are under construction in or on the outskirts of the DMC district which include Flats on 4th, Lofts at Mayo Clinic, 501, and 1st Avenue Lofts.

DMC Executive Director Lisa Clarke said these projects demonstrate that investors and developers see promise in Rochester’s future.

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Flats on 4th rendering

“If you want to measure the DMC’s momentum, just look at how many construction trucks and hard hats you see around the city,” said Clarke. “Every groundbreaking represents progress toward our ultimate goal, which is to transform Rochester not only into a health and wellness destination for patients, but a place that attracts talented, diverse workers from all over the world.”

Post-Bulletin: Broadway at Center loses Saudi investor

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After terminating its deal with a Saudi prince, the long-delayed Broadway at Center project is looking for new investors.

The $145 million hotel, apartments and commercial project, which was announced in March 2014, has been awaiting a $105 million loan to help finance the 23-story complex, planned for the southeast corner of Broadway Avenue and Center Street.

The loan from Minneapolis-based Dougherty Funding LLC was to close May 31, according to a letter sent to the city of Rochester. That date came and went with no deal being done.

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The Historic Chateau: Imagining the future and celebrating the past

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Screen Shot 2016-05-28 at 7.09.55 AMWith Green River Soda and popcorn in hand, Rochester community members got their first look at the Chateau Theatre’s future last week.

The building, which was purchased by the City of Rochester last year, will be transformed into a multi-use performing arts space. Exactly what the building’s interior will look like is still in the planning stages.

But architects from Miller Dunwiddie Architecture, the Minneapolis firm selected by the Chateau Theatre Taskforce to reimagine the building, said that the Chateau will continue to be a focal point of downtown Rochester and the Heart of the City.