Closing Date Set for Broadway at Center Project
Rochester, MN (KROC AM News) - Construction work may finally begin on the planned Broadway at Center project in downtown Rochester.
The final development plan for the Gus Chafoulias project was approved by the City Council in November 2014. The council approved a development assistance agreement for the project in May last year. Since then, Chafoulias has fine-tuned the project - and spent months lining up financing.
City Administrator Steve Kvenvold says he has been told the $102,500,000 construction loan will close next Tuesday. The city’s tax increment financing loan of nearly $2.4 million will also close that date.
No groundbreaking date has been announced but Kvenvold expects work to begin soon.
The planned 22 story building had an earlier estimated cost of $140,000,000. The project is expected to consist of a 264 room Hilton hotel, retail and commercial space and 33 luxury apartments. The city will build a parking ramp to accommodate the project.
The project has a two year construction schedule.
It was designated the first DMC development-related project in April 2015.