Tag: Mortenson

New tenant announced in DMC’s Discovery Square at DMCC board meeting

One Discovery Square

The Destination Medical Center Corporation (DMCC) Board of Directors recognized significant progress with several DMC projects at its September 25 meeting. 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.

New tenant announced in DMC’s Discovery Square during DMCC board meeting

(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.

DMCC board applauds progress in DMC sub-districts

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.

Financial update

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.

Press Release: Progress and excitement build around Discovery Square as DMCC board supports Mortenson’s $35 million project in Rochester

ROCHESTER, Minn. (July 27, 2017) – The Destination Medical Center Corporation (DMCC) Board of Directors voted to approve the $35 million Mortenson project in the Discovery Square sub-district under the DMC Development Plan. The building is one in a series of DMC projects in the sub-district. The project will receive $4.9 million in DMC tax-increment financing.

“Today we take an important step forward with Discovery Square, a place where Minnesota’s next successful medical technology start-ups will be launched. This project will help diversify Rochester’s economy, create great jobs, and ensure Rochester remains America’s City for Health,” said Lt. Gov. Tina Smith, Chair of the DMC Board of Directors. “I thank Mortenson, Mayo Clinic, and the Rochester community for their work on this Discovery Square project. We have taken another important economic development step for the Destination Medical Center, Rochester, and Minnesota.”

Event: Learn more about Discovery Square: Phase One

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.

Bleu Duck Kitchen, 14 4th Street SW, Rochester

Presentation: 5:30 p.m. | Light appetizers and non-alcoholic refreshments: 7:00 p.m.

BIO 2017: Raising awareness of DMC and Discovery Square in San Diego and beyond

There are few better places to connect with the top people in biotechnology than at BIO 2017.

The BIO International Convention (BIO) drew more than 16,000 of the biotech industry’s brightest from a wide spectrum of life science and application areas – including drug discovery, biomanufacturing, genomics, biofuels, nanotechnology, and cell therapy – for a week of intensive networking to discover new opportunities and identify promising partnerships.

Discovery Square: Science on Display

The DMC vision is progressing as each of the sub-district’s distinctive personalities is beginning to evolve. Heart of the City, for example, serves as the place where health care intersects with hospitality and retail, the Downtown Waterfront looks to transform the perception of Rochester from a medical campus into a vibrant destination, and St. Marys Place becomes a monumental gateway at one of the primary entry points into Rochester.

Rendering Credit: Mortenson

Lately, though, it’s Discovery Square that’s making the news.

Press Release: First Building Announced in Discovery Square

ROCHESTER, Minn. (Apr. 27, 2017) – Representatives from Mortenson announced today to members of the Destination Medical Center Corporation (DMCC) Board of Directors the specific location where construction will take place on its hallmark Discovery Square project.The planned 60,000+ square foot, state-of-the-art research and development complex, currently being designed by RSP Architects and HOK, will be built at the corner of 4th Street SW and 2nd Avenue SW, according to Mortenson representative Jeremy Jacobs.

An integral part of the DMC vision, the 16-block sub-district in downtown Rochester known as Discovery Square will become one of the leading life science research campuses in the United States. The densely organized, mixed-use neighborhood will consist of life science businesses, new start-ups, and residential options anchored by a signature space.

Discovery Square will be a bridge to the mission of Mayo Clinic, serving as an extension of the Mayo Clinic’s team-based model of care and providing a new address for the future of life science, research, education, technology, and innovation. Over the next 20 years, Discovery Square is expected to expand Mayo’s research and product development space by more than two million square feet.

In 2016, Mayo Clinic selected Mortenson Company as its development partner for the first phase of its Discovery Square initiative. In January, Mortenson selected RSP Architects and HOK to design the facility. Mortenson expects to begin construction later this year and complete the project by 2019.

“The DMC vision for Discovery Square is coming to life,” said Lisa Clarke, executive director of the Destination Medical Center. “The vibrant life sciences hub will bring forward-thinking business professionals, students, educators, and innovators from around the world together in Rochester to accelerate research, improve delivery, and advance patient care.”

The next scheduled meeting of the DMCC Board of Directors will take place on July 27, 2017.

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Press Release: DMCC board approves $38M residential and retail project

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.”

Timeline for physical Discovery Square development taking shape

DMC could be taking physical shape in less than a year.

main-logoThe 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.