Rochester, MN (KROC AM News) - Plans for the proposed Bloom project in downtown Rochester have been finalized, and city officials hope a final development agreement can be reached within two months.

The final version has eliminated one of the three towers that had been planned earlier.

The latest plan calls for a hotel tower with 160 rooms, 13 fewer than the earlier design. It also eliminates 45 service apartments on top of the hotel. Instead, 126 assisted-living apartments for seniors will be built on top of the hotel. The hotel tower will be on the site of the existing Second Street parking ramp.

The third tower would have included 144 condos. They will now be included in the second tower that will be built on the southern end of the project, along Fourth Street. The number of units has been increased to 166.

The project will include public parking for the loss of the Second Street ramp but the number of spaces will be about half of the current 450 at the ramp and an adjacent lot.

The city owns the entire piece of property. City Administrator Steve Kvenvold says the site will be sold to Bloom. The purchase price will be included in the development agreement.

Kvenvold expects Bloom to seek tax increment financing (TIF) for the project, but the amount is unknown. He says the project now has an estimated cost of $178 million. The developer has indicated the project would be built in phases.

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