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Re: Bloom Capital Project - Rochester

Posted: March 9th, 2018, 7:29 am
by alatusllc
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.

Re: Bloom Capital Project - Rochester

Posted: March 11th, 2018, 1:55 pm
by go4guy
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.

Re: Bloom Capital Project - Rochester

Posted: March 19th, 2018, 3:47 pm
by alatusllc
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.)

Re: Bloom Capital Project - Rochester

Posted: March 20th, 2018, 5:19 am
by gcm
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.

Re: Bloom Capital Project - Rochester

Posted: March 20th, 2018, 6:33 am
by mattaudio
(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.

Re: Bloom Capital Project - Rochester

Posted: March 20th, 2018, 1:34 pm
by Thorondor
http://www.postbulletin.com/news/local/ ... b89c2.html

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

Re: Bloom Capital Project - Rochester

Posted: July 31st, 2018, 12:31 pm
by matthew5080
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

Re: Bloom Capital Project - Rochester

Posted: July 31st, 2018, 12:39 pm
by bubzki2
Looks great. Will help downtown to feel more like a real city, and improve the transition to the waterfront. Build it!

Re: Bloom Capital Project - Rochester

Posted: September 18th, 2018, 11:55 am
by matthew5080
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

Re: Bloom Capital Project - Rochester

Posted: January 14th, 2019, 9:12 pm
by mattaudio
This $250m project could possibly be dead or dying. https://www.postbulletin.com/news/local ... 85a74.html

Re: Bloom Capital Project - Rochester

Posted: February 8th, 2019, 12:32 pm
by matthew5080
The Bloom saga continues. In a letter to city staff, Bloom claims they felt "blindsided" by the new hotel being built atop the Gonda Building and weren't sure if Rochester could support two luxury hotels of that size. However, they want to go forward with the project and say they are willing to compete with other developers for the site. They've also reached out to Pontiac Land Group, who's working with Mayo on the hotel above the Gonda, to help them develop the hotel portion along the Zumbro.

https://www.medcitybeat.com/news-blog/2 ... el-project

Re: Bloom Capital Project - Rochester

Posted: February 10th, 2019, 9:23 am
by gcm
I like/liked the Bloom project, but I think I'd rather see this project developed (a long, long, long shot, I'm sure):

https://www.medcitybeat.com/news-blog/2 ... haels-site

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Just think it would result in a core downtown (plus it would get rid of a butt ugly parking ramp).

Re: Bloom Capital Project - Rochester

Posted: February 10th, 2019, 12:41 pm
by Minneboy
Okay but that riverfront project would have been a real game changer and what a nice riverfront promenade for everyone to enjoy. However this project you mention would tie the towers from both sides of Broadway to a more cohesive downtown. Still can't believe Michael's is gone.