UMR Seeks Discovery Square Lease
Rochester, MN (KROC-AM News) – Groundbreaking hasn’t even taken place yet but a second tenant has already been lined up for the first building that will be constructed as part of the DMC’s Discovery Square district.
The University of Minnesota-Rochester is working on a lease for space at the building that will be built on the south side of 4th St SW, between 2nd and 3rd Avenues. UMR wants to use the space for labs and other purposes.
The estimated cost to develop the space is $3 million and UMR is asking the city to cover half the cost. The money would come from the $14 million sales tax fund that was established for UMR in 2012. So far, UMR has spent about $2.6 million of that total.
Authorization for the funding is on the agenda for Monday’s meeting of the Rochester City Council. City officials say UMR has also obtained a commitment from the University of Minnesota Financing Office for debt financing to cover the other half.
The first tenant to commit to leasing space in the Discovery Square facility was the Mayo Clinic, which earlier announced it would lease a total 30,000 square feet of space on three different levels of the building to provide space for three research units.
The groundbreaking for the project is expected this fall, and the building is expected to open in 2019.