Bloom Capital Project - Rochester

alatusllc
Block E
Posts: 13
Joined: February 2nd, 2018, 10:04 am

Re: Bloom Capital Project - Rochester

Postby alatusllc » March 9th, 2018, 7:29 am

go4guy wrote:
March 7th, 2018, 6:36 pm
Article states the Bloom Project will be about $250M total. But aside from that, this project will have a lot more public space than most projects have.
Got it, didn't see the last financing statistic in the Med City Beat - March 6th article, so fair points, my error - gotta say, little startling to see $180 million TDC (The Med City Beat - January 18) and now $256.7 million - what changed? That's a healthy swing. Also, does TIF assistance include the cost of the land, or are they purchasing that for a price >$0? Land in that area with improvements to be demolished is probably $100 / sq/ft - speaking from experience.

go4guy
Foshay Tower
Posts: 869
Joined: June 4th, 2012, 8:54 am

Re: Bloom Capital Project - Rochester

Postby go4guy » March 11th, 2018, 1:55 pm

alatusllc wrote:
March 9th, 2018, 7:29 am
go4guy wrote:
March 7th, 2018, 6:36 pm
Article states the Bloom Project will be about $250M total. But aside from that, this project will have a lot more public space than most projects have.
Got it, didn't see the last financing statistic in the Med City Beat - March 6th article, so fair points, my error - gotta say, little startling to see $180 million TDC (The Med City Beat - January 18) and now $256.7 million - what changed? That's a healthy swing. Also, does TIF assistance include the cost of the land, or are they purchasing that for a price >$0? Land in that area with improvements to be demolished is probably $100 / sq/ft - speaking from experience.
Im not sure what to really believe. As you say, they figures are a long ways apart. I guess we won't see until the final plans are submitted to DMC.

My understanding is they will be paying the city for the land, and that will not be included in the TIF agreement. I want to say I remember seeing $10.5 million for the land, but that is off the top of my head. I don't have a source for that.

I think a reason the TIF is so large on this one is because of the public spaces surrounding the project with the boardwalk, the interior park, and then the public easement for the skyway that will go thru the property. All those are probably what are driving up the TIF.

Alatus, is your project giving back some land to be able to widen 2nd thru this stretch? Also, now that your project is under construction, is your firm considering any other projects in Rochester? I know Harbor Bay is already working on another project in town while the Hilton project is being built, and EKN (Legion site hotel) have 2 other proposals in the works. Was curious if Alatus is looking as well. Love having quality developers building down here.

alatusllc
Block E
Posts: 13
Joined: February 2nd, 2018, 10:04 am

Re: Bloom Capital Project - Rochester

Postby alatusllc » March 19th, 2018, 3:47 pm

We have a 17' right-of-way dedication on 2nd St SW - so that will be a healthy, hopefully vibrant, and very active pedestrian corridor. Part of that was also originally requested to accommodate underground tunneling but there are no more currently active discussion surrounding a use like that.

Yes, we are looking for other projects in Rochester - there are a few pieces of land in play but we're also trying to understand how the market will evolve (i.e. - will the Bloom Project and the Harbor Bay project get done? Those could have substantial impacts on the macro apartment environment in the downtown area which right now is considered healthy.)

gcm
Nicollet Mall
Posts: 109
Joined: August 8th, 2012, 3:49 am

Re: Bloom Capital Project - Rochester

Postby gcm » March 20th, 2018, 5:19 am

Atalus, Just to clarify, will there be a right turn lane on on east bound 2nd St SW on your block? That would certainly reduce congestion with all cars going to the St Mary's ramps.

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mattaudio
Stone Arch Bridge
Posts: 7560
Joined: June 19th, 2012, 2:04 pm
Location: NORI: NOrth of RIchfield

Re: Bloom Capital Project - Rochester

Postby mattaudio » March 20th, 2018, 6:33 am

(Should the side thread about the Alatus project be moved to their thread?)

2nd St SW should really be three lanes east of 14th Ave SW (the street between the Alatus and St. Mary's). I walked this street multiple times per day for many months and rarely noticed congestion. The only congestion on this stretch seemed to be the PM rush, and that was really due to westbound buses stopping on their way out to the freeway. I routinely snapped pictures of delivery trucks or other vehicles blocking a lane on 2nd St SW, and traffic was just fine around them.

Thorondor
City Center
Posts: 28
Joined: October 5th, 2016, 4:40 pm

Re: Bloom Capital Project - Rochester

Postby Thorondor » March 20th, 2018, 1:34 pm

http://www.postbulletin.com/news/local/ ... b89c2.html

The preliminary plan was approved unanimously by the city council last night.

matthew5080
Union Depot
Posts: 385
Joined: January 23rd, 2016, 6:06 pm
Location: Eden Prairie

Re: Bloom Capital Project - Rochester

Postby matthew5080 » July 31st, 2018, 12:31 pm

The final development plan goes before Planning and Zoning on August 22nd and City Council October 17th.

The south tower is to reach 255' and the north tower will be at 370'. Combined, the two phases will reach 883,829 sq ft. 26,800 will be for restaurant space and 9,553 for retail. The south tower will feature 161 parking stalls, and the north will have 300. Bike stalls will reach up to 48 between the two towers.

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http://www.rochestermn.gov/home/showdocument?id=21302

bubzki2
US Bank Plaza
Posts: 655
Joined: September 19th, 2012, 5:38 pm
Location: Merriam Park

Re: Bloom Capital Project - Rochester

Postby bubzki2 » July 31st, 2018, 12:39 pm

Looks great. Will help downtown to feel more like a real city, and improve the transition to the waterfront. Build it!

matthew5080
Union Depot
Posts: 385
Joined: January 23rd, 2016, 6:06 pm
Location: Eden Prairie

Re: Bloom Capital Project - Rochester

Postby matthew5080 » September 18th, 2018, 11:55 am

The Bloom towers won over final approval last night from the city council. The south tower is expected to see construction this coming spring with the taller north tower to break ground 18 months later. The south tower is now 20 stories instead of 21 and the city is still working on selling the land to Bloom.

https://www.postbulletin.com/news/local ... 79b57.html


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