ROCHESTER, Minn. – The Destination Medical Center Corporation Board of Directors has approved the $115 million Alatus LLC Second Street Development Project for the DMC St. Mary’s Place subdistrict, subject to a final review.
The 13-story mixed-use development is expected to include over 347 residential units, 13,500 square feet of ground floor retail space and 7,500 square feet of second floor office and retail space, according to a news release.
“This project is great news for Rochester and Minnesota. It’s another example of the significant economic development opportunities that our DMC strategy has created,” said Lt. Gov. Tina Smith, chair of the DMCC Board. “I look forward to working with Alatus, and other developers and entrepreneurs interested in joining our strategy to create jobs and opportunity in America’s City for Health.”
The DMCC Board adopted a resolution recommending the project move forward to the Rochester City Council for approval as a Public Infrastructure Project to qualify for $10.5 million in DMC Tax Increment Financing.
A public hearing for the DMC proposed boundary amendment request will be held Jan. 26.
“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 (EDA) Board of Directors.
Additional Project Details:
- 13-level, 327,965 square foot, Leadership in Energy and Environmental Design (LEED) certified commercial and residential complex
- 347 residential rental units
- Approximately 13,500 square feet dedicated to walkable retail space on the ground floor
- Approximately 7,500 square feet will be used for office/retail space on the second floor