December 11, 2018 06:06 PM
(ABC 6 News) -- It’s the signal of a changing landscape in downtown Rochester; a major project nearing completion. One Discovery Square will bring education, research and innovative companies together under one roof.
Ahead of its opening, community leaders put on hard hats and were able to get an inside look as well as an update on what's to come.
“Currently, as everyone knows, we have Mayo Clinic in the building. They are researching across three different floors of the four-story building,” said Jeremy Jacobs, a real estate developer with Mortenson Development. “We also have the University of Minnesota-Rochester who is taking up space on two different floors for educational and collaboration purposes. Epic Medical Systems will be on our first floor. We have got a couple of large companies who are new to market that we will announce soon.”
The building is approximately 100,000 square feet and there is a waiting list for potential tenants.
“We put that filter on the building, to say it’s not enough to raise your hand and say we can pay the rate, pay the rent,” said Jacobs. “We want to see how else you can accelerate the research that’s happening here … because ultimately, the building is about hope.”
The construction cost of the building is about $23 million.
One Discovery Square is just the start of a tidal wave of new infrastructure that will add about 2 million square feet of new space to the Discovery Square District.
“Discovery Square is a 16 block area," said Lisa Clarke, executive director of DMC's Economic Development Agency. "It will be made up of many things, including retail, housing, grocery stores, bioscience, life science and technology."
DMC is excited about what this will mean for the community.
“One Discovery Square is a great add to the economy of Rochester and, frankly, to the economy of the state of Minnesota. This will mean new jobs at all levels. It will mean new companies introduced for the very first time,” said Clarke.
As for the first major Discovery Square project, construction is expected to be complete by the beginning of April … With the first tenant set to move into One Discovery Square around Memorial Day.
Created: December 11, 2018 06:06 PM
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