It’s going to take a lot of money to redo Rochester, but that’s the bold aim of a Mayo Clinic project known as Destination Medical Center.
The DMC, begun in 2013, will see Mayo expand its campus as the city of Rochester invests in new infrastructure to support more employees, more patients and more businesses. By 2033, when the plan turns 20, the city should be a shining example of public-private partnership and an international hub for health care, research and medicine. That’s the plan.
So how much money does it need? Mayo officials say they will invest $3 billion over the DMC’s lifetime, and expect to court an additional $2.1 billion in private investment.
Tag: In the News
CNBC: Educated workforce is paying off for Minnesota: Gov. Dayton
“Building America’s City for Health”
“. . . From a world-class education comes an unparalleled workforce ready to innovate in Minnesota’s growing economy. Minnesota Lt. Gov. Tina Smith has been at the forefront of our innovation economy as chair of the board of the Destination Medical Center Corp., an ambitious public-private partnership to grow Mayo Clinic and the city of Rochester into America’s City for Health. Smith and I have also worked closely with the University of Minnesota Medical School to ensure that our world-class medical facilities and technology companies have access to the best-trained medical workforce in our nation. Together these efforts will help ensure growth and opportunity for health care, businesses and residents for decades to come.”
Post-Bulletin: Broadway at Center loses Saudi investor
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.
Finance & Commerce: A new way to keep tabs on Rochester
Developers and investors are paying a lot more attention to Rochester, Minnesota, because of the massive Destination Medical Center build-out planned around Mayo Clinic and the supporting projects it’s likely to attract.
To help our subscribers keep tabs on growth and investment, Finance & Commerce has created a new online tracker called “Rochester on the Rise.” The tracker records commercial real estate sales we’ve spotted in public records as well as development proposals.
The Rochester on the Rise tracker only includes those projects and property sales vetted by Finance & Commerce writers. Still, we encourage readers to tell us if we’ve overlooked something or we need to update our tracker.
Post-Bulletin: Mayo casts wide net with Discovery Square plan
Mayo Clinic recently leveraged an international bio science conference in California to announce the Discovery Square development that will double its research footprint in downtown Rochester.
That venue was selected over a hometown press conference in hopes of making a splash with the media horde and the 14,000 attendees, which included 75 heavy hitters from the bio science industry who got exclusive invitations to attend Mayo Clinic’s special event on June 7.
It’s too early to determine whether that very public effort will pay off by attracting sought-after national and international health care businesses, researchers and inventors, but the unveiling of the first tangible step of the ambitious $6 billion Destination Medical Center project has already drawn effusive praise.
Post Bulletin: Transit tops DMC leaders’ to-do list
In a first of its kind joint planning session on Destination Medical Center Thursday, the topic on the tip of every tongue was transportation.
The Destination Medical Center Corp. board of directors hosted the meeting with the Rochester City Council and the DMC Economic Development Agency board. It was the first time the three boards had convened.
The agenda was wide-ranging, but transit issues were the consistent theme. City staff is preparing to request an amendment with its transit management consultant, SRF, at a July 6 council meeting. The amendment would allow the city to expand its contract with SRF to move forward with studies of four key transportation areas.
Post-Bulletin: Our View: Multilingual signage points to future
We want people from throughout the world to fall in love with our community. We want our community to love them back.
Including languages other than English on pedestrian signage is a simple, effective way to show openness, respect and that our city is ahead of the curve.
Wayfinding, or helping pedestrians get around via signage, is already something Destination Medical Center planners will need to address.
Twin Cities Business: Mayo’s ‘Transformational Centers’ Could Be First Beneficiaries Of DMC Build-Out
The goal of creating a bio-business industry cluster feeding off Mayo Clinic research as part of Rochester’s ambitious Destination Medical Center effort came into sharper focus last week with the official announcement that Mayo will expand its research facilities in the city by more than 2 million square feet over the next 20 years.
And TCB has learned it’s possible, perhaps likely, that among the first new beneficiaries of the build-out will be three of Mayo’s hottest research operations in fields that are quickly gaining traction among companies and investors: its “transformational centers” of genomics/individualized medicine, regenerative medicine and healthcare economics.
Post-Bulletin: Our View: Prototyping builds connections and brings energy into the city
Prototyping is the practice of designing and building small-scale projects in the city as a way to test new ideas. It is being applied in Rochester to help encourage healthy habits in the downtown.
Ideas included “game-ifying” Rochester’s bike trails, mobile beaches, a sculpture of the inner ear that translates echoes into other languages, a zoo at Soldier’s Field, life-sized emojis, multi-lingual pedestrian signage, interactive windmills and more.
As far out and cool as those projects are, the further the evening of ideas wore on, the more we noticed something.
Star Tribune: Riverfront plans get first look from Rochester’s Destination Medical Center board
A first look at a proposed $200 million riverfront project cheered the Destination Medical Center Corp. board at its monthly meeting on Thursday, even as some members expressed frustration with the pace of transportation planning in Rochester.
The proposed project, a hotel/condo/retail complex, would sit on the banks of the Zumbro River, which, despite passing near the heart of the city, is largely inaccessible thanks to a 1990s-era flood-control project. The concept calls for tying downtown into the riverfront with a shallow splash pool, fountain, water wall, outdoor restaurant with seating overlooking the river and a possible kayak launch.