DMC Private Investment in Rochester Tops $1 Billion
Rochester, MN (KROC-AM News) - The Destination Medical Center Corporation Board marked a milestone today when it approved a report documenting private investment in Rochester's DMC District.
A news release says the private investment last year totaled more than $144 million, which pushed the overall amount of private investment since the start of the DMC initiative over $1 billion. The 2020 total includes more than $60 million in investments by the Mayo Clinic and almost $84 million by other private investors. That will be enough to trigger the release of nearly $25 million in state public infrastructure funding this year.
“A year ago, when the pandemic hit and Mayo Clinic put a pause on its work and everything else, I would not have thought we would be sitting here today at $144 million, and that we’ve now over a billion dollars in overall private investment,” said DMCC Board Chair R.T. Rybak. “This is really good news.”
The DMC Corporation Board also voted today to approve $2.2 million in DMC funding for the Bryk on Broadway Apartments project. The workforce housing proposal calls for a six-story, mixed-use building containing 180 apartment units and commercial space. The board also approved bid documents for the Discovery Walk project, which will add pedestrian and other amenities to a four-block section of 2nd Avenue Southwest from 2nd Street to Soldiers Field Park.