Rochester City Council Considers Two Downtown Projects
Rochester, MN (KROC-AM News) - The Rochester City Council will consider two separate requests involving downtown development projects during its Monday evening meeting.
Businessman Gus Chafoulias is seeking approval of a development agreement with the city to proceed with his proposed Broadway at Center project. Under the agreement, the city would give Chafoulias approximately $6.5 million in assistance, consisting of tax increment financing and land. The city is also planning to build a $10 million parking ramp with the lower level set aside for the project.
The other proposal is from Bloom International Realty, which is seeking an exclusive negotiating rights agreement with the city as it continues work on its Broadway Waterfront proposal.
It would be built on city property along the west side of the Zumbro River, between 2nd and 4th streets southeast. Plans are very preliminary but the current conceptual design calls for a high end hotel, a new parking facility, retail and commercial space and a residential building.