Tag: Real Estate

Developer and investor interest in Rochester grows

First Avenue Flats Ribbon-Cutting

From groundbreakings to grand openings, Rochester is flourishing as developers and investors from around the world take notice of the opportunity that exists in America’s City for Health.

In the last two weeks alone, First Avenue Flats opened to 75% occupancy; the first building in Discovery Square was introduced; public funding raising efforts have begun for the Ronald McDonald House expansion; and the Mayo Civic Center celebrated its grand opening. Diverse construction projects like these offer the infrastructure needed to support Rochester’s projected growth.

Minneapolis / St. Paul Business Journal: Harbor Bay makes $5.5M bet on downtown Rochester

Harbor Bay Real Estate Advisors, the firm behind a 26-story tower project near the University of Minnesota has bought a restaurant
building near the heart of Rochester’s Destination Medical Center.

Finance & Commerce reports on the $5.5 million deal for the former Michael’s Restaurant building at 15 S. Broadway Ave. The site is at Center Street West and South Broadway, about two blocks from Rochester’s Mayo Clinic.

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Finance & Commerce: A new way to keep tabs on Rochester

Developers and investors are paying a lot more attention to Rochester, Minnesota, because of the massive Destination Medical Center build-out planned around Mayo Clinic and the supporting projects it’s likely to attract.

To help our subscribers keep tabs on growth and investment, Finance & Commerce has created a new online tracker called “Rochester on the Rise.” The tracker records commercial real estate sales we’ve spotted in public records as well as development proposals.

The Rochester on the Rise tracker only includes those projects and property sales vetted by Finance & Commerce writers. Still, we encourage readers to tell us if we’ve overlooked something or we need to update our tracker.

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Star Tribune: Rochester is in the midst of an apartment boom

Maine Heights will have 359 new units and will be built along Hwy. 52 in the southwestern part of the city.
Maine Heights will have 359 new units and will be built along Hwy. 52 in the southwestern part of the city.

A wave of new apartments opened in Rochester last year, and even more are planned this year with both suburban and downtown projects in the development pipeline.

It’s unclear whether the surge is just a normal upturn in the Rochester market’s building cycle or if it’s being spurred by the Mayo Clinic’s effort, with local and state help, for expansion. That development is called Destination Medical Center and has a goal to add 45,000 new jobs over 20 years to the city. Some apartment developers are specifically mentioning the Mayo’s expansion as a reason for investing in the market.

The city’s surge in new multifamily units — while small in numbers compared to the apartment-building binge in the Twin Cities — is impressive for sheer magnitude.