DMC Corp. Board Approves Discovery Square Two Project
Rochester, MN (KROC-AM News) - Plans for a second Discovery Square complex in downtown Rochester advanced this morning.
The Destination Medical Center Corporation Board met this morning and approved a recommendation to designate the proposal as a DMC public infrastructure project. The recommendation, which will next be considered by the Rochester City Council, also calls for using $7.3 million in DMC tax increment financing to help cover some of the project’s infrastructure costs.
The plan for Discovery Square Two calls for a 5-story building with 124,000 square feet of space just south of the existing Discovery Square One building at the southwest corner of 4th Street and 2nd Avenue Southeast. Mortenson Construction estimates the project will cost about $45 million and will create about 800 construction jobs and around 500 permanent positions.
No timeline was given for the project and the documentation included in the DMC presentation notes Mortenson has yet to secure an anchor tenant. Discovery Square One opened last year with the Mayo Clinic and the University of Minnesota as the anchor tenants.