The Destination Medical Center (DMC) is an economic development initiative guided by the non-profit DMC corporation in Rochester, Minnesota. The DMC hired Urban3 to conduct a revenue modeling analysis with a focus on the impact of public-private partnership infill projects. The Mayo Clinic is an international destination for medical care and research. Recognizing the potential for economic and community development, the State, the City of Rochester, Olmsted County, and other partners worked together to create the DMC in 2013. Urban3’s revenue model revealed that the partnerships and economic initiatives have enhanced the productivity of the downtown Rochester area.
Urban3’s work in Rochester also explored the potential value of replacing surface parking lots with infill projects. The scenario analysis allowed DMC partners to imagine what could happen to the downtown area in terms of value, if less land were dedicated to parking. Urban3 found that there were 70 acres of surface parking in and around the Downtown.
If modest mixed-use developments were built on the surface parking lots, then Rochester could receive approximately $987 million in new property value. Seeing this hidden potential to continue building on the existing DMC investments visualized in 3D is eye-opening.
Urban3’s Joe Minicozzi presents the results of the Rochester analysis to the Destination Medical Center in the video below.
- Urban3’s work supported the idea that big, complex partnerships are worth it and can create very productive urban nodes.
- The City of Rochester gained a better understanding of the full impact of their investment in the DMC.
- The analysis served as proof of concept for State investment in a downtown for the State of Minnesota.