DMC Board Approves $115M Mixed-Use Development Proposal

The Destination Medical Center Corporation’s board of directors, which oversees developments related to the 20-year, $6 billion plan to transform Rochester into America’s health care capital, said on Thursday that it had approved one of the largest mixed-used development proposals it had received to date.
 
The 13-story complex, proposed by Minneapolis-based Alatus LLC, is expected to include at least 347 residential units, 13,500 square feet of ground-floor retail space, and 7,500 square feet of second-floor office and retail space.
 
The DMCC board approved the $115 million project to be built in the St. Mary’s Place subdistrict. The DMCC board said it would recommend the project move to the Rochester City Council for approval of a $10.5 million in Destination Medical Center (DMC) Tax Increment Financing.
 
“This project meets market demand for housing, achieves energy and sustainability goals and significantly grows Rochester’s tax base,” said Jeff Bolton, president of the DMC Economic Development Agency board of directors.
 
Alatus is said to be building the complex with LEED certification in mind, a grade given to buildings that meet certain environmental friendliness codes.
 
“This project is great news for Rochester and Minnesota,” said Lt. Gov. Tina Smith, who is also chair of the DMCC board. “It’s another example of the significant economic development opportunities that our DMC strategy has created.”
 
The DMC project is said to be the largest public-private partnership in state history. Between millions of dollars in private investments and $585 million in taxpayer support, the DMC project is expected to be the largest influx of residential, commercial, office and transportation developments the southeastern Minnesota city has ever experienced.
 
The next meeting of the DMCC board of directors is set to take place on January 26, 2017.