Tag: DMCC Board

DMCC Board Doubles Down on Discovery Square in Rochester, Minnesota

Press Releases

Approves Next Phase of Life Science and Technology Campus

The Destination Medical Center Corporation (DMCC) Board today approved $7.3 million in public infrastructure funding for Mortenson Development Inc’s construction of Discovery Square Two in the DMC Discovery Square subdistrict.

The $45 million project will be a five-story,124,000 square foot, LEED-certified medical office and lab building with outdoor space, connectivity to One Discovery Square, tenant and public programming and potential 5G connectivity. The building will support approximately 500 long-term jobs while its construction will create approximately 800 short-term jobs.

DMCC Board highlights progress at year-end meeting

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The Destination Medical Center Corporation (DMCC) Board of Directors applauded the significant accomplishments in the Destination Medical Center (DMC) district in 2018 at its final board meeting of the year on November 13. These accomplishments include eight approved private projects at various stages of development with several to complete construction and renovations and open in 2019, including the Hilton Hotel, One Discovery Square, Hotel Indigo, and Urban on First.

The DMCC Board reaffirmed its commitment to Heart of the City and support of $1.1 million in renovations to the historic Chateau Theatre, with construction to begin this December. A summer 2019 re-opening of the theatre is projected.

New tenant announced in DMC’s Discovery Square at DMCC board meeting

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One Discovery Square

The Destination Medical Center Corporation (DMCC) Board of Directors recognized significant progress with several DMC projects at its September 25 meeting. 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.

New tenant announced in DMC’s Discovery Square during DMCC board meeting

Press Releases

(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.

DMCC Board approves four new development projects in downtown Rochester

Press Releases

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.

A bold vision for Heart of the City

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At the heart of every destination city is a vibrant downtown, where signature spaces, diverse programming, and enticing events encourage residents and visitors to linger a little longer.

In downtown Rochester, the bold vision for the true Heart of the City is coming to life as designers unveil a new future for the Destination Medical Center (DMC) sub-district where residents and visitors come together to celebrate life, community, health, and wellness 365 days a year. 

From Discover and Dream to Design and Do

The Heart of the City Design Team recently unveiled plans for the much-anticipated core of downtown. Their forward-thinking vision for this integral part of the DMC district was received with excitement and anticipation by the DMC Corporation Board of Directors, the Rochester City Council, and the community at-large as they learned of the new plans for the sub-district.

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 from Gov. Dayton’s Office: Governor Reappoints Rani and Rybak to DMCC Board

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Governor Mark Dayton announced the reappointments of Susan Park Rani and R.T. Rybak as members of the Destination Medical Center Corporation Board of Directors. Both are appointed to six year terms, expiring on January 3, 2023.

“I am pleased [to] reappoint Susan Park Rani and R.T. Rybak to the Destination Medical Center Corporation Board,” said Governor Dayton. “Their respective prior experiences in the private sector and local government have been critical to the success of the Destination Medical Center initiative thus far. I thank Ms. Rani and Mr. Rybak for their willingness to continue serving.”

“I am excited to see my colleagues, Susan and R.T. remain on the board,” said Lt. Governor Tina Smith, DMCC board chair. “They provide invaluable perspective and play an integral role in shaping our efforts to ensure Rochester remains ‘America’s City for Health’ for generations to come.”

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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.

ABC 6 News: New Apartment Complex Opening in Rochester’s Waterfront District

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There’s a new addition to DMC’s Waterfront District with the construction of a new housing option downtown. The Lofts at Mayo Park is a 29-unit housing complex. It will offer both short and long-term leasing for people visiting for health care and residents of Rochester.

Tuesday, DMCC board members and city leaders were given a tour of the site. It’s a $9.5 million project. The real-estate trust behind the building said DMC didn’t dictate the process but instead approved what was done.

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