New owner plans $26.5 million renovation of Wells Fargo building

The new owner of the Wells Fargo complex in downtown Rochester is proposing some big changes to the six-story glass structure. 

Ryan Companies, which purchased the building earlier this year, is planning a $26.5 million renovation of the space. The updates will include a transparent glass replacement of the facade, plus a glass addition to the lobby that will provide an extension of the public space in Peace Plaza.

Officials from Destination Medical Center have also been working with Ryan Companies to find ways to incorporate the project within its Heart of the City concept, as well as future plans for the adjacent Chateau Theatre. 

Before moving forward, the company is asking for $1.78 million in tax increment financing (TIF) assistance. The proposal is set to come before the DMC Corporation Board on June 28, with a formal funding request to the Rochester City Council expected in July.

The 107,000 square-foot property, located at 21 First Street SW, is primarily made up of office space. Its largest tenant is Mayo Clinic. As we reported last year, Wells Fargo plans to maintain a branch inside the building.

Holiday Inn update

A couple blocks south, a developer is seeking $3.3 million in TIF to help with its renovation of the current Holiday Inn hotel building. 

According to city documents, the $41 million facelift will include "replacing the monolithic panels with glass to connect the hotel interior to the surrounding streetscape." The proposal also calls for updating the hotel rooms, lobby and second-floor restaurant.

The Holiday Inn renovation is one of three large-scale projects being pitched within the DMC district by California-based EKN Development Group. 

What is TIF?

TIF is a tool often used by local governments to help incentivize economic development that aligns with the city's strategic goals. It works by taking the increased tax revenues created by a new development and using them for some form of public benefit (you can read a full explanation here). 

Cover photo by Med City Beat