ROCHESTER, Minn. (March 23, 2017) – The Destination Medical Center Corporation (DMCC) Executive Committee announced today that the DMC economic development initiative exceeded the $200 million private development investment threshold –needed to trigger the release of state DMC dollars to be used for public infrastructure improvements – by $97.7 million, totaling $297.7 million in private investment.
“Reaching this important milestone reaffirms that we are on the right track, and Rochester is already experiencing growth and new opportunities,” said Lt. Gov. Tina Smith, DMCC Board Chair. “With the $200 million threshold met, I look forward to working with the State of Minnesota, Rochester community and Mayo Clinic to invest in transportation, world-class amenities, and other public infrastructure that supports opportunity for everyone.”
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.