Interested in how Destination Medical Center measured up to the goals that were set for the first five years of the Development Plan? Curious about what projects are planned for the next five years and what considerations are guiding decisions on future investments? In this webinar recorded on Friday, October 9, 2020, Destination Medical Center Economic Development Agency staff talk about the journey, what’s ahead and how the community benefits.
Mayo Clinic and Boston Scientific Corp. have launched a new venture to accelerate the development of medical technology and new minimally invasive treatments for many health conditions that impede quality and longevity of life.
The accelerator, known as Motion Medical, will have its research facilities in One Discovery Square, the bioscience center in the Discovery Square research district. Both parties have committed millions of dollars over three years to develop and bring new solutions to the market to address unmet medical needs.
“Mayo Clinic is committed to accelerating the pace of discoveries to bring new technologies and treatments to patients faster,” said Gianrico Farrugia, M.D., president and CEO of Mayo Clinic. “This collaboration and others like it will continue to strengthen Rochester and Minnesota as a biomedical innovation and economic powerhouse.”
This venture is another step forward in the collaboration between Mayo Clinic and Boston Scientific Corp., combining Mayo Clinic’s world-class clinical experience and patient care with Boston Scientific’s extraordinary engineering, innovation and business expertise.
“This collaboration between Mayo Clinic and Boston Scientific builds on our experience working together to support the shared goal of advancing patient-centered innovation,” says Mike Mahoney, chairman and CEO, Boston Scientific. “This approach combines the unique strengths of our two organizations, and we look forward to working together to solve complex health care challenges.”
The accelerator, spreading over 1,800 square feet, will be a key tenant in One Discovery Square, developed by Mortenson. The building anchors the 16-block Discovery Square research district for the $5.6 billion Destination Medical Center (DMC) economic development initiative in Rochester, MN. The accelerator is expected to open in the fall.
“Mayo Clinic and Boston Scientific’s new accelerator collaboration is another powerful example of DMC’s vision for Discovery Square being realized as an economic engine and a catalyst to attract new talent and innovative companies to Rochester, Minnesota,” said Lisa Clarke, executive director, DMC Economic Development Agency.
Mayo Clinic and Boston Scientific Corp. have collaborated for nearly a decade to develop new devices and technologies in areas such as interventional cardiology, neuromodulation and urology. Together the companies have filed eight patent applications and collaborated on two first-in-human clinical trials.
Destination Medical Center (DMC) is moving at a good pace, and it seems like every time we turn around there is something different or new happening in the DMC District that is changing the landscape in an exciting way. We’ve created a way that you can track the momentum easily with the click of a button on the new DMC Metrics Dashboard.
This new tool offers an at a glance way to stay up to speed on the progress being made toward each of the goals outlined in the DMC Development Plan.
FOR IMMEDIATE RELEASE – Rochester, Minn. (Nov. 2, 2017) – The Destination Medical Center Corporation (DMCC) Board of Directors today recognized significant progress toward several private developments, public infrastructure, business development, and planning goals of the Destination Medical Center initiative.
A significant highlight shared with the Board focused on job growth. More than 3,300 jobs were added since 2014 and construction activity at the four DMC-funded projects will result in more than 1,000 combined construction jobs.
The Board specifically acknowledged today’s groundbreaking by Mortenson on their Phase 1 building at Discovery Square.
“Discovery Square will be the place where Minnesota’s next generation of medical start-ups will want to be. It will create new opportunity for jobs, innovation, and economic growth and represents a major step toward fulfilling our mission of building America’s City for Health,” said Lt. Governor Tina Smith, chair of the DMCC Board of Directors. “I thank Mortenson, Mayo Clinic and the Rochester community for their work on the Discovery Square project. This is great news for Rochester and our state.”
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.
With a number of new housing and retail developments and a burgeoning entrepreneurial spirit, Rochester is booming. And Destination Medical Center (DMC) is in the middle of it all.
2016 brought new developments in each of the DMC sub-districts, including housing, hotels, retail, restaurants and other businesses, that will inspire dynamic places to live, work, and play, filled with culture and recreation. 2017 is certain to bring more of the same.
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.
The Destination Medical Center Corporation (DMCC) board will hold its regularly scheduled meeting at 9:30 a.m. on Thursday, March 24 at the Mayo Civic Center.
Almost a year has passed since the DMC Development Plan was approved, and much progress has been made. Private sector response and investor activity have increased significantly, illustrating the commitment of investors, developers, and Mayo Clinic to ensure the success of DMC and enhance the opportunities in Rochester.
The Destination Medical Center continues to move forward, and on Thursday, Rochester Mayor Ardell Brede said it might have taken a big step.
DMC, which is backed by Mayo Clinic and the state of Minnesota, is expected to transform areas of Rochester and add up to 40,000 jobs over the next two decades.
One of the sections expected to be worked on is called “The Heart of the City” which is located near Peace Plaza.
Mayor Brede says the city is putting together an advisory committee made up of nine to 12 people to help guide the project. Their job will include getting proposals from companies and possibly making suggestions to the City Council.
Brede says it’s time to start acting on DMC.