DMC Board Approves First Discovery Square Project
Rochester, MN (KROC-AM News) - The first project proposed for the Discovery Square District as part of the Destination Medical Center initiative has won the approval of the DMC Corporation Board.
The board met this morning and voted to okay Mortenson Construction’s $35 million dollar plan for a four-story, nearly 90,000 square foot building just south of 4th Street between 2nd and 3rd avenues southwest. The DMCC Board’s approval includes $4.9 million in DMC Tax Increment Financing assistance.
The Rochester City Council is expected to vote on the project and the Tax Increment Financing package at its regular meeting on August 7.
The Bio Science Building will be the first research facility within the Discovery Square district. The DMCC Board will be told it won’t be a typical office building, and will feature space for labs, offices and collaborative work spaces. The Mayo Clinic has already agreed to lease 30,000 square feet of space spread across three different floors of the building and the University of Minnesota-Rochester is negotiating with Mortenson on a lease for lab and classroom space.
Mortenson has indicated it plans to break ground on the project this fall, and the new building should be ready for occupancy in 2019.