Alatus will begin building near Mayo Clinic after landing financing

– MSP Business Journal

Minneapolis-based developer Alatus this week closed on financing for its $125 million apartment complex in Rochester, Minn., and will begin construction soon.

The Post-Bulletin reports on the latest step in a long process for Alatus, which first proposed the project in mid-2016 and had hoped to begin construction last summer. But things were delayed after pushback from neighborhood groups and the task of winning approval from the city and the Destination Medical Center Corp. (the agency charged with guiding the massive, Mayo Clinic-centered redevelopment of much of downtown).

Alatus bought the last parcels needed for the project, near Mayo Clinic’s St. Marys hospital, last fall and has already demolished a pair of older hotels there.

When completed, in late 2019 or early 2020, the building will include more than 300 apartments and adjoining townhomes.

By: Mark Reilly
Date: Feb 16, 2018
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