DMC reaches milestone mark, exceeds $200 million private investm - KTTC Rochester, Austin, Mason City News, Weather and Sports

DMC reaches milestone mark, exceeds $200 million private investment threshold

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ROCHESTER, Minn. (KTTC) -

The committee formed at last month's Destination Center Board Meeting, the DMC Board of Director's Executive Committee, took flight Thursday morning.

And it was an extra-special day for both DMC and Rochester, as a milestone has been hit for DMC and its fund-raising efforts for projects around the city.

At Thursday morning's meeting, the committee announced the $200 million private investment threshold has been not only met, but exceeded.

From 2013 to 2016, $297 million of private investment happened, whether it be Mayo Clinic projects or DMC city or community district projects.

Some notable non-Mayo private investment projects include the Conley Maass Building ($2 million), the Lofts at Mayo Park ($6.37 million), the Flats on 4th ($8.9 million), and 1st Avenue Flats ($4.9 million).

Other important non-Mayo investment projects include improvements to various education venues, retail spaces, hotel accommodations, and commercial office spaces.

As far as private Mayo investments go, notable projects include Saint Marys Place at Saint Marys Hospital ($68 million), the precision medicine initiative ($9.5 million), and the Jacobson Building Expansion ($983,000).

This accomplishment is huge, it starts the financial engine, if you will, allowing public funds to be unlocked for projects.

"In Rochester, Minnesota, we should be incredibly proud that we have reached this 200 million dollar threshold, exceeded the 200 million dollar threshold, which is a nod to this community, and all the work that's going on in this community. A nod to the state, and frankly, a nod to the economic development, in general,” said Destination Medical Center Economic Development Agency Executive Director, Lisa Clarke.

She added that this DMC project as a whole is especially interesting because private investment flows in first, followed by the public investment, which is typically flip-flopped in other projects of this magnitude.

The first Discovery Square Building will be constructed by Mortenson Company beginning at the end of this year. 

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