Two DMC Projects Moving Ahead
Rochester, MN (KROC AM News) -The Destination Medical Center Corporation Board has approved a change in its development district that will allow the construction of the proposed Alatus project near St. Marys Hospital.
The developer is finalizing plans and work on the $115 million project is expected to begin soon. The project includes a tax increment financing request for $10.5 million.
During its meeting in Rochester Wednesday, the board also approved a planned housing project between 1st Ave SW and Broadway. The $38 million project calls for 156 market-rate apartments and retail space. The board approved $3.8 million in TIF funds for the project, which has been named Urban on First. Work on that project is also expected to begin in the near future.
The board was also briefed on Mayo Clinic’s proposed project for the Discovery Square district. The board was told plans are being finalized and work is expected to begin late this year. The building is expected to be ready for occupancy in early 2019.