Construction Starting on 6-Story Downtown Rochester Apt. Building
Rochester, MN (KROC-AM News) - Construction work is getting underway today on another major building project in downtown Rochester. Crews have been doing site preparation work for a six-story mixed-use apartment and retail building on a 1.3-acre parcel of land along 1st Avenue Southwest just south of the US Bank office.
The $38 million Urban on First development by Minneapolis-based Opus and Rochester’s Titan Development companies includes 154 market-rate apartment units and 9,000 square feet of retail space. The project’s financing includes $3.8 million in Destination Medical Center tax increment funding and close to a million dollars in state funding to help cover the cost of cleaning up some contaminated soil at the site.
“Located just steps away from Mayo Clinic’s main campus in downtown Rochester, this development marries convenience with high-quality amenities for local residents,” said Matt Rauenhorst, vice president, general manager, Opus Development Company, L.L.C. “Our combined Opus and Titan team will bring urban living to a new level in Rochester, and we’re thrilled to be a part of the city’s and DMC’s vision for the area.”
The project is scheduled to be completed next summer.
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