Large Housing Project Proposed Near Mayo Civic Center
Rochester, MN (KROC AM News) - A $100-million housing project is being proposed to be built near Rochester’s Mayo Civic Center.
It would consist of two buildings containing nearly 300 units and include 362 parking stalls.
The proposal is scheduled to be reviewed by the City Council at its Monday meeting.
Staff is seeking permission to designate Sherman Associates Development as the developer of the site, which is a city-owned parking lot located north of the Civic Center. This would allow the city and Minneapolis-based Sherman to finalize plans for the project.
The Sherman proposal was one of three submitted for consideration for the site.
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One of the buildings would be a 13-story tower containing 209 market-rate housing units. The other would be a 5-story housing structure containing 80 affordable housing units.
The estimated costs are $78-million for the tower and $24-million for the smaller building. Sherman is seeking $12.5-million in subsidies and acquisition of the property at no cost.