Roughly a week after the state legislature allotted Mayo Clinic $585 million in aid to assist in its “Destination Medical Center” (DMC) expansion, a developer announced plans for a new 25-story mixed-use building in Rochester.
Titan Development and Investments said the proposed project will be called Broadway at Center and be located across from The Shops at University Square. The project will include “high-end grocery retail, a well-known Minnesota steak house, a four-star hotel, Class A office space, an upscale urban apartment community, and other upscale retail shops,” the company said.
The project would include up to 30,000 square feet of office space and 150 hotel rooms, as well as up to 150 apartments. The project is slated to begin in 2014, and design will be directed by a principal at Minneapolis-based HGA Architects.
Mayo is planning a multibillion-dollar makeover of its Rochester campus, as well as the surrounding downtown, using a combination of its own money, private investment, and tax dollars. The state funds, which were included in a $2.1 billion tax bill that passed in the final hours of this year’s legislative session, will steer $585 million to Rochester to support infrastructure improvements around the new development, according to a Star Tribune report. The state will contribute $372 million over the next 27 years, but only after Mayo, the city of Rochester, and Olmsted County make investments of their own, the Minneapolis newspaper reported.
Titan Development and Investments is “committed to implementing projects that support and enhance the vision and direction of the community as part of the DMC 20-year plan,” Vice President of Brand Management and Revenue Development John Beltz said in a statement.
When announcing the proposed project, Beltz did not provide a cost estimate, according to a report by the Rochester Post-Bulletin. Beltz reportedly said the tower could go higher as planning proceeds—possibly topping the Broadway Residences and Suites tower next door, which is the tallest building in Rochester and southern Minnesota.