The $5.6 billion Destination Medical Center (DMC) project is attracting at least $100 million in hotel investments to downtown Rochester, where plans for three new hospitality projects are in various stages of building approvals and potential tax subsidy deals this summer, according to Twin Cities Business.
The three projects are expected to provide 529 new or renovated rooms near the Mayo Clinic. If all are completed, they’ll provide 529 new or renovated hotel rooms within the city’s DMC development areas near the Mayo Clinic.
The largest will be called Bloom Riverfront Towers. At one million square feet, the twin-tower development is expected to create 181 hotel rooms. The $233 million project also is expected to include 215 units of senior housing; 132 owner-occupied condominiums, some retail space at street and skyway levels, and 500 structured parking spaces. Construction is proposed to begin in January and be completed by December 2019.
A second project is the rehabilitation of the existing downtown Rochester Holiday Inn. Its developer has yet to file formal building plans for the property. The same California hotelier, EKN Development Group, has also won preliminary building approvals for a new-construction project in downtown Rochester, this one a Hyatt House and Suites. It’s expected to become an eight-story, 175-room extended-stay hotel.
For more on these projects—including how much they’re asking for in terms of public subsidies (mainly TIF financing)—click here.
Twin Cities Business’s August issue, out this week, also includes an exclusive, comprehensive report on the progress being made with the Destination Medical Center project in Rochester. It should be available online in about a week. It’s the first examination of how this 20-year plan is actually starting to take shape.