Plans For $100 Million Downtown Rochester Project Progress
Rochester, MN (KROC-AM News) - Plans for a major development in downtown Rochester have entered a new stage.
The Rochester City Council voted last night to approve an Exclusive Negotiating Rights Agreement involving the Civic Center North surface parking lot along East Center Street just west of the Zumbro River. The agreement with Sherman Associates Development runs through July 15 of next year and calls on the city and the firm to work toward a formal development agreement concerning the city on the parcel of land.
Sherman Associates has proposed developing a $100 million housing project on the site. The preliminary concept plan called for a 13-story tower and a five-story structure. Overall, the development would contain nearly 300 market rate and affordable apartment units. The Minneapolis company is requesting about $12.5 million in public subsidies for the project.
City officials say, if all goes as planned, Sherman Associates has indicated the company hopes to begin construction by the end of next August.
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