Rochester, MN (KROC AM News) - The Rochester City Council is scheduled to vote Monday on a preliminary development agreement involving a large proposed downtown project.

The city has been meeting with Bloom International Realty for nearly a year on its proposal. It calls for a hotel, apartments, condominiums, retail and commercial space and a new parking garage. It would be located on city-owned property sandwiched between 2nd and 4th Streets SE along the Zumbro River.

The project would be constructed in phases at a cost estimated at $180,000,000 - $200,000,000. It would likely be designated a DMC project.  

If the council approves the non-binding agreement, the two sides can proceed with finalizing a formal development plan. It would include the amount of public financing needed and the transfer of property from the city to Bloom.

A city spokesman says if the final agreement is approved this year, Bloom would likely take ownership of the public land early next year. This would include the 2nd Street parking ramp, which would continue to be operated by the  city until it is demolished to make way for the second phase of the project.