Developers unveil plans for $100 million project near St. Marys Campus
Developers are proposing a massive $100 million development near Mayo Clinic's St. Marys Campus that will include apartments, townhomes and commercial space, along with 900 parking spots.
Plans call for the project to be built along Second Street and 14th Avenue SW, just west of the hospital campus. Two small hotels, including Brentwood on 2nd, and several homes will be demolished to make room for the development.
Here's an overview of the project, by the numbers:
- 13 stories for the main building
- 310 luxury apartments
- 49 connected townhomes
- 20,000 square feet of commercial space
- 900 parking spaces (some public)
- Two levels of underground parking
Ed Pompeian and his son, Nick, are heading up the project, which has been in the works now for a couple years. Their investment group, 1406 Second Street Associates, is working with Alatus LLC, the Twin Cities real estate developer behind projects like Mayo Clinic Square in downtown Minneapolis.
Plans for the project were first reported by the P-B late Monday evening.
If all goes to plan, it will be the first major, non-Mayo project in the St. Marys district since the implementation of the Destination Medical Center initiative. In an interview Tuesday with the Med City Beat, Nick Pompeian said the concept behind the development is "something Rochester has never seen before."
The idea to redevelop the area has been in the works for several years, though original plans called for something far less grand. It wan't until Alatus came along that the vision for the property began to grow in scale.
"They really had a great vision," the younger Pompeian said. "The way they operate is similar to how we think and do business."
Developers held multiple meetings with the nearby neighborhood groups prior to going public with the proposal. The project has not yet gone through the city's approval process, meaning some details of the proposal are subject to change.
The project is located within the DMC district (lines were amended a couple months ago to include the property), making it eligible for enhanced TIF funding; however, developers don't yet have a number on how much they will be seeking.
Another hotel project in the district, a proposed $63 million Holiday Inn, collapsed early this year due to concerns about the use of TIF funding, as well as, according to the developer, a "lack of support" from the DMC EDA.
But this time around, neighborhood leaders are encouraged by the way the two firms involved have approached the project.
"We've been in Rochester a long time and know the importance of working with the neighborhoods," Nick Pompeian said. "We want to building something everybody in the community is proud of."
By being intentional about quality and building a sustainable structure that could be a 100-year asset, Pompeian believes the project will set the tone for future development in the area.
A preliminary completion date is set for spring 2018.
About Sean Baker: Sean is the founder and editor of the Med City Beat. Under his direction, the site has transitioned from a small news blog to one of the most widely-read publications in the city. Prior to launching the site in 2014, Sean spent about two years producing television news in Green Bay and Rochester. His office is above a brewery, so please excuse any typos. Twitter.
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(Cover rendering courtesy developer)
