Tag: Investment

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.

Star Tribune: Redoing Rochester: Where has investment for the DMC gone so far?

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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.

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$1.8 billion in infrastructure planned with DMC

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In the next two decades, Rochester leaders will face the largest public infrastructure decisions in the city’s history. In tandem with the Destination Medical Center initiative, about $1.8 billion in infrastructure projects are on the city’s near horizon.

Of the estimated $1.8 billion in infrastructure identified in the DMC Development Plan, about $720 million is targeted to create 16,000 new structure parking spaces; $348 million is envisioned to create a downtown transit circulator; and $112 million is planned for other transit, streets and city loop improvements, according to city documents.

Press Release: Destination Medical Center Corporation Board Announces $152.4 Million in Total Private Investment

Press Releases

State Report on Private Investment Shows DMC on Track to Surpass $200 Million Threshold by End of 2016

ROCHESTER, Minn. (March 24, 2016) – On behalf of the Destination Medical Center (DMC) Corporation Board of Directors, DMC Board Chair Lt. Governor Tina Smith will present the 2015 private investment draft report to the Minnesota Department of Employment and Economic Development (DEED) for certification. The report shows $152.4 million in private sector investment in Rochester since July 1, 2013. During 2015, Mayo Clinic and the City of Rochester reported a total of $87.6 million in eligible private sector investments.

Medical Alley: Destination Medical Center: The Why, The How

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The Destination Medical Center (DMC) investment in the Rochester community is more $6B; most of that privately funded. It is a 20-year initiative that will redesign the city creating a spillover benefit to the state of Minnesota as a whole. Rochester is home to the famed Mayo Clinic and a growing startup health technology community. The DMC will accelerate and complement what is already happening in Rochester, and will help Minnesota retain its place as the great state of everything healthcare.

The project is much more than a city planning and economic development effort as attendees at the first Board of Directors Senior Executive Briefing learned on February 17th at our Medical Alley Association (MAA) headquarters. Lisa Clarke, Executive Director of the DMC and Patrick Seeb, the head of economic development, delivered a briefing to approximately 40 guests of the MAA board, laying out the details of the enormous DMC effort, providing the why and the how.

Post Bulletin: Our View: Change requires defined expectations

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After waiting a few minutes to speak during a downtown press conference on transportation this week, Rochester City Council Member Michael Wojcik glanced over his shoulder and referenced the possibility that new buildings may have popped up during his wait.

The joke featuring unrealistic expectations in the midst of Destination Medical Center efforts draws attention to blossoming realities: Developers are looking for local opportunities, and growth is coming.

In the wake of St. Cloud-based developer Larry Brutger’s decision to back off plans to erect a new Holiday Inn across from Mayo Clinic’s Saint Marys Hospital, a related reality is being brought to light — development takes time, and everything doesn’t always go as planned.

Star Tribune: Rochester couple renovate historic Conley-Maass building

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Visitors mingling during the event.

Drawn to Rochester for medical treatment at the Mayo Clinic, Traci Downs and her husband, Hunter, originally thought they’d be in southeast Minnesota for only six weeks.

That was a few years and a business relocation ago.

Now permanent residents, the Downses this summer plan to open one of the first buildings in the state’s largest-ever economic development project. Their renovated Conley-Maass building, a former woolen mill and factory just blocks from the Mayo Clinic, will house, among other things, a restaurant, two tech companies and a “Maker’s Lab” equipped with a 3-D printer.