(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.
With all the activity taking place in the Destination Medical Center (DMC) District, the recent DMC Corporation Board of Directors meeting agenda was a full one and included updates on DMC’s top development priorities, such as Discovery Square and Heart of the City.
At the end of 2016, private investment in the DMC district surpassed $200 million, the threshold required to trigger the release of State dollars to support Rochester’s infrastructure needs. It was reported at the meeting that the Minnesota Department of Employment and Economic Development (DEED) certified the report and has authorized the release of $2.6 million of the state money for local infrastructure improvements by September.
“This is the reason we’ve been doing this for the past several years,” says DMCC board vice-chair R.T. Rybak. “I encourage the staff to take time to celebrate this achievement.”
Discovery Square Developments
One of six DMC sub-districts, Discovery Square will be a live-work environment organized around attracting and retaining the best and brightest to our community. While there is progress taking place in all of six sub-districts, Discovery Square is a board-identified priority for DMC, as are Heart of the City and transportation.
You are invited to attend the Discovery Square: Phase One Community Open House and Project Presentation on Tuesday, July 18.
Jeremy Jacobs, Development Executive with Mortenson, says the open house will be the first opportunity for the developers and designers to engage the community about the work being accomplished for Phase 1 of Discovery Square.
“We recognize that what we are building will be part of the fabric of the community and the DMC District for decades to come,” Jacobs says. “We will share information about the philosophy, design, and what we hope to achieve, then gather feedback from attendees.”
Jacobs says the event will also present an opportunity to introduce the project team. “We want to let people get to know those of us working diligently behind-the-scenes on this project that will affect the entire community.”
Tuesday, July 18 | 5:00-8:00 p.m.
Presentation: 5:30 p.m. | Light appetizers and non-alcoholic refreshments: 7:00 p.m.
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.”
DMC could be taking physical shape in less than a year.
The law firm of Larkin Hoffman, which opened an office in Rochester about a year ago, hosts a Real Estate Forum each year. With the DMC initiative touted as the primary development project in the state, the Minneapolis-based group decided to hold this year’s event in Rochester and make DMC the focus of their 2016 real estate discussion.