Local leaders celebrated another Destination Medical Center (DMC) milestone this week with the topping off of the One Discovery Square development.
Speakers at the event included David Mortenson, Chairman of Mortenson; Lisa Clarke, Executive Director of the DMC Economic Development Agency; Ardell Brede, Mayor of the City of Rochester; and Gregory Gores, M.D., Executive Dean for Research with Mayo Clinic.
The DMC Corporation (DMCC) Executive Committee announced today that the private investment threshold of $200M needed for DMC to receive state dollars for public infrastructure improvements has been met. In fact, private investments in the DMC District from July 2013 through the end of 2016 totaled nearly $298M, exceeding the $200M requirement by nearly $100M.
“Reaching this important milestone reaffirms that we are on the right track, and Rochester is already experiencing growth and new opportunities,” says Lt. Gov. Tina Smith, DMCC Board Chair, who submitted the 2016 private investment draft report to the Minnesota Department of Employment and Economic Development (DEED) on behalf of the DMCC Board.
The DMC vision moved another step closer to becoming a reality today when Mayo Clinic announced today that it will collaborate with M.A. Mortenson, a Minneapolis-based real estate development and construction firm, on the DMC sub-district Discovery Square.
Over the next 20 years, Mayo Clinic will add 2 million square feet of space in Discovery Square for research, education, and product development.
“With [Mortenson’s] experience, they will be a fantastic partner with Mayo to spearhead the development of the six-block Discovery Square, the bioscience research, education and medical innovation campus that is the core of the DMC,” says Lt. Governor Tina Smith, DMC Corporation Board Chair. “Discovery Square, which will include Mayo and other private businesses, is a key milestone for DMC.”
Mayo Clinic has officially launched its plan for Destination Medical Center’s Discovery Square, an urban bioscience campus in Rochester where doctors, researchers, and scientists will come together to accelerate new advancements in medical research, technology, and patient care.
Mayo Clinic’s announcement that it is on the hunt for a strategic real estate development firm to build out Discovery Square is a major milestone for the Destination Medical Center’s (DMC) plan to enhance Rochester’s reputation as the world’s premier destination for health and wellness, and to create a robust entrepreneurial and innovation ecosystem that encourages start-up companies.
The level of commitment for economic growth in Rochester is becoming more and more apparent with increased development and investment activity in the DMC District.
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.