– Finance & Commerce:
Alatus LLC’s new mixed-use tower in Rochester, Minn., has a name, and a reputation, to uphold.
The 14-story, 350-unit tower at 217 14th Ave. SW will be named “the Berkman,” in honor of Daisy Louise Berkman Plummer, an early 20th century Rochester socialite.
Alatus began purchasing properties at the 2.77-acre site in March 2017 and plans to finish construction in early 2020. In addition to 350 luxury apartments, the project will include a street-level “best-in-class” restaurant and other retail space totaling 24,000 square feet, a fifth-floor rooftop dog park and spa, a penthouse-level club room, a fitness center, and work-from-home suites. Underground parking will be provided for residents.
Minneapolis-based Alatus announced the Berkman’s name at a groundbreaking event on Wednesday. Daisy Plummer founded what is now the Rochester Symphony & Chorale Orchestra in 1912. She was married to the early Mayo Clinic physician Dr. Henry Plummer, and their family home became a center for the arts, which is now owned by the city and run as a public event space.
The Berkman sits on the corner of 2nd Street SW and 14th Avenue SW, across the street from Mayo’s St. Marys Campus. The total cost of the development is estimated at $125 million.
The Destination Medical Center Corp. board, which oversees the sprawling, $5.5 billion downtown redevelopment initiative, expanded the boundaries of the DMC development district in February 2017 to encompass the site, making the project eligible for $10.5 million in tax increment financing.
ESG Architects of Minneapolis and Weis Builders, which has an office in Rochester, are partnering with Alatus on the project.
By: William Morris
Date: May 4, 2018
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