ROCHESTER, MN — The city of Rochester is already home to the tallest building in southern Minnesota, but there are now plans for one that may be even taller.
For the city, it is all about what is happening downtown.
“You continue to hear, you need downtown, you need life downtown. There was a study done many years ago about encouraging people to live downtown,” said John Beltz, Vice President of Brand Management and Revenue Development for Titan Development and Investments.
So Beltz and those at Titan Development have a plan to make life downtown a little bigger.
They unveiled a 25-story building that they are calling, “Broadway on Center.” They plan to put up at the corner of South Broadway and East Center Street.
It would have a little bit of everything from retail, to dining with an outdoor patio, a four-star hotel, an approximately 150 unit market-rent apartment complex and 30,000 square feet of Class A office space.
“We know there’s a demand for downtown living. We are expecting to get a little more information on what that demand might look like, which will influence the residential part of the project,” Beltz said.
25 stories is the plan for now, but those could change. Part of the reason for that is because of the Destination Medical Center project; something those at Titan Development had not originally planned for.
“This is a business decision that’s been well in the plans before DMC. We recognize the direction that Rochester as a market and as a community is going so we approached this as a business standpoint first and foremost. DMC is an exceptional addition to the vision here and this just fits nicely into that,” Beltz said.
They are in negotiations with a “high-end” grocery chain, lodging partner and those looking for retail space. However, they would not disclose who at this point. They did say that they have a hand-shake agreement with many of these places and are confident that they will come through.
“They’re excited about the project, I mean, a mix-use project like this in a downtown community that is really starting to evolve,” said Darren Schlapkohl, Vice President of Development and Construction Management.
Although they would not say who they were working with yet, they did say that their retail partners are all Minnesota based and they plan to announce them in the coming months.
There is no word on the cost for all of this. They hope to have a “hole in the ground in 2014.”