Rochester, MN (KROC-AM News) - The Chafoulias family has finally secured financing for a long planned major project in downtown Rochester and construction work is expected begin next week.

Chafoulias owned Titan Development and Harbor Bay Real Estate announced Friday that the closing on the financing package for the $145 million dollar Broadway at Center project has occurred, which clears the way for work to get underway at the site on the southeast corner of Broadway and Center Street. The loan package includes about $2.4 million in public tax increment financing.

Kraus Anderson has been hired as the General Contractor for the development, which will feature an over 20 story tower that will include a 264 room upscale Hilton Hotel, luxury apartments, along with commercial and retail space. The new building will be connected to the city’s skyway system, and a new city-owned parking ramp that will be built immediately to the east of the site.

It’s expected to take about two years to complete the project, which was the first to be designated as being related to the Destination Medical Center.