Twin Cities Firm Designated For Downtown Rochester Housing Site
Rochester, MN (KROC AM News) - The Rochester City Council Monday approved a staff request to designate a Twin Cities firm as the developer for a site near the Mayo Civic Center.
The parking lot is owned by the city, which sought proposals for the site last year and received three responses.
Sherman Associates Development was favored by city officials and negotiations on its proposal will continue. One item that needs to be addressed is a request for $12.5-million in subsidies.
Sherman is proposing a $100-million housing project consisting of two buildings containing nearly 300 market-rate and affordable units. It would also include 362 parking stalls.
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.