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.
DMC is dedicated to creating first-rate experiences not only for those who live and work in America’s City for Health but also for the 3+ million people who visit Rochester each year.
Since first opening its doors in 1938, the Mayo Civic Center has been attracting conferences, entertainment, and sporting events, balancing the needs of the community with those of visitors and clients. Now, on the heels of a recently completed $84 million convention center expansion and facility renovation, Mayo Civic Center is set to realize the economic benefit in 2018 after 21 months of exceeding booking projections in 2016 and 2017.
“New bookings are up over 30%, mainly because our spectacular new venues are helping us attract more and bigger conventions and meetings,” says Brad Jones, executive director of the Rochester Convention and Visitors Bureau, reinforcing the decision to invest public dollars into the space.
The DMC vision is progressing as each of the sub-district’s distinctive personalities is beginning to evolve. Heart of the City, for example, serves as the place where health care intersects with hospitality and retail, the Downtown Waterfront looks to transform the perception of Rochester from a medical campus into a vibrant destination, and St. Marys Place becomes a monumental gateway at one of the primary entry points into Rochester.
Lately, though, it’s Discovery Square that’s making the news.
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.
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.
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.
“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.”