DMC board OKs $38 million apartment complex in downtown Rochester
Rochester's apartment boom continues.
On Thursday, the Destination Medical Center Corporation Board gave the go-ahead to a 156-unit apartment complex to be developed on the south end of downtown. The board's approval will allow $3.8 million in public funding — in the form of tax increment financing (TIF) — to count toward the city's $128 million obligation to DMC.
"Adding new housing projects like this helps contribute to the street life and vitality of the downtown," said Patrick Seeb, DMC's director of economic development and placemaking. Seeb noted that a downtown resident spends about seven times as much money at downtown businesses as does a typical employee.
The development, put forward by members of Rochester-based Titan Development & Investments and Minneapolis-based Opus Group, will offer market rate units ranging from studios to two-bedrooms.
On-site amenities available to residents of "Urban on First" will include a fitness center, pool, club room with kitchen, and storage areas for bicycles. The project will also feature a functional green roof.
Additionally, the $38 million mixed-used development will offer 9,000 square feet of street-level retail space and a two-story parking garage. The project site is located on a parking lot between Broadway and First Avenue, just south of the U.S. Bank branch and east of the recently-completed 501 on First building.
The proposal still needs final approval from the city council.
Cover graphic courtesy developer
