Proposed St Mary’s Hotel Project Headed to DMCC Board
Rochester, MN (KROC AM News) - The Rochester City Council discussed a proposed new hotel project that would be located along 2nd Street, across from St. Mary’s Hospital at its Monday committee meeting.
The developer of the proposed St. Marys Holiday Inn and Suites put the price of the project at $65 million. It would include a parking ramp that would offer some public use. Also proposed is a tunnel connection to St. Mary’s, which would be available to other properties on the north side of 2nd Street.
The developer told the council the project cannot proceed without DMC-related tax increment financing.The developer is seeking $5.6 million in TIF funds.
The developer also told the council a decision must be made soon, noting it was first presented to the city in August.
The project is expected to be presented to the DMCC Board on Thursday. If it is certified as an eligible project by the board, final discussions involving the developer, the city and the DMC’s Economic Development Agency are expected to take place. For 24/7 news