ROCHESTER – A first look at a proposed $200 million riverfront project cheered the Destination Medical Center Corp. board at its monthly meeting on Thursday, even as some members expressed frustration with the pace of transportation planning in Rochester.
The proposed project, a hotel/condo/retail complex, would sit on the banks of the Zumbro River, which, despite passing near the heart of the city, is largely inaccessible thanks to a 1990s-era flood-control project. The concept calls for tying downtown into the riverfront with a shallow splash pool, fountain, water wall, outdoor restaurant with seating overlooking the river and a possible kayak launch.
"This is a home run," said DMC board member and former Minneapolis Mayor R.T. Rybak, adding that the project from Bloom Holding, an Abu Dhabi-based developer, would accomplish a lot.
Many people in Rochester have known about the project for weeks, if not longer, but Thursday was the first board meeting offering a detailed description of what's planned for the site.
It comes as the latest piece of good news for development in Rochester. Earlier this month, Minneapolis-based Alatus unveiled plans for a $100 million, 13-story apartment tower with 359 units, five levels of parking, 13,000 square feet of leasable commercial space and 7,500 square feet of co-working space. A third project — the long-delayed, $100 million Broadway at Center project, which calls for a Hilton hotel, condos and retail space — has come to life recently, and groundbreaking could begin soon, board members learned Thursday.
The projects are some of the first major private investments likely to come to fruition under the Destination Medical Center plan, the state's largest-ever economic development project, which pledges $585 million of taxpayer funds to help redo the city as a global hub for medicine, research and health care. The plan calls for the Mayo Clinic to extend its campus with $3.5 billion in investments over the plan's 20-year lifetime, while private investors are expected to kick in another $2.1 billion in residential, retail and commercial investments. The public dollars would help pay for the infrastructure necessary to help the city grow.
Vision for the riverside
Oxford Management CEO Mark Dickson, the local representative for Bloom Holding, said the project Oxford is proposing would open up the riverfront in ways the city has long wanted. A final agreement would be inked before the end of the year, he said.
The developer still has to purchase the city-owned land. Rochester city officials say that they're appraising the land's value and that they should be done in weeks.