Sherman Associates announced the financial closing on a multifamily development in downtown Rochester, Minnesota. The mixed-income development will bring 349 new homes to downtown Rochester along the Zumbro River and adjacent to the Mayo Clinic campus.

Located at 217 East Center Street, the project is the result of a public-private partnership with Sherman Associates, the city of Rochester, and the Destination Medical Center. The $136.5 million multi-phase development will deliver a 273-unit market-rate residential tower and a 76-unit affordable senior housing building, connected by a shared 350-stall enclosed parking structure.

The tower will offer a blend of housing options, including 221 apartment homes and 52 short-term and month-to-month residences. The flexible housing units are designed to meet the needs of healthcare professionals, visiting medical staff, patient families, and others seeking temporary accommodation near Mayo Clinic and downtown Rochester.

The affordable senior housing community will provide 76 affordable homes for older adults. Construction is being led by Frana Companies as the general contractor, with ESG Architecture & Design serving as architect.

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