Destination Medical Center Pledges Millions of Dollars in Support of Major Rochester Developments

Rochester, MN (KROC-AM News)- On the day of a celebration for its 10th anniversary, the Destination Medical Center Corporation (DMC) approved millions of dollars in support for multiple Rochester developments. 

See Also: Mayo Clinic Starts 2025 Strong with $359M in Q1 Income 

The initiative's board approved advancementing the projects during a meeting on Thursday. Some of the projects are contingent on state bonding dollars. 

“This is a transformational moment for Rochester,” said DMC Executive Director Patrick Seeb. 

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DMC Pledges Millions of Dollars in Financial Support for 4 Major Rochester Developments

Board Members agreed to pledge up to $8 million to support construction of a shared lab facility in Two Discovery Square. 

A news release says the partnership between BioLabs Rochester, Mayo Clinic, Mortenson, and the City of Rochester will bring “globally recognized innovation infrastructure to the Midwest” by supporting early-stage life-science companies and collaborations with Mayo Clinic. 

DMC also updated its support for the Civic Center North development, a project by Sherman Associates that calls for building a mixed-use housing development in the surface lot on the northside of East Center St., across from the Mayo Civic Center Civic Center. 

The board reaffirmed support for $13.5 million in tax increment financing for the project. They also signed off on pledging $500,000 to support enhancements for the public realm along the river near the site. 

DMC also approved spending up to $4 million in funds to support a 141-unit affordable housing development, called the Loom Apartments project, along Civic Center Dr. 

A proposed 75-unit senior housing development at the future West Transit Village also was addressed by the board. DMC reauthorized a $3.9 million commitment and recommended up to $4.9 million in Tax increment financing for the Aeon development. 

The news release says the development is contingent on coordination with the adjacent Mayo parking ramp and Bus Rapid Transit infrastructure.
Officials say the development helps to position the project for future state funding. 

Four buildings in Rochester’s Downtown Historic District won approval Thursday for infrastructure improvement funding. 

The properties are at 216 1st Ave. Southwest (Bebap Korean Eats), 324 South Broadway Ave. (Fagan Studios), 22 3rd St. Southwest (John Kruesel's General Merchandise) and 326–328 South Broadway Ave.