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Sherman Associates secures $136.5M for Rochester housing project
Minneapolis-based developer Sherman Associates has secured financing for a $136.5 million multifamily housing project in downtown Rochester, Minnesota. Located along the Zumbro River near the Mayo Clinic, the development will occupy the site of the former Civic Center North parking lot.
The project features a 15-story tower containing 273 market-rate units, including 221 traditional apartments and 52 furnished short-term residences. Additionally, the development will include a 76-unit affordable senior housing community and an enclosed parking ramp with 350 spaces. The site plan also incorporates a new publicly accessible riverfront walking path.
Funding for the project includes $13.5 million in tax increment financing approved by the Rochester City Council and $3 million from Destination Medical Center funds. Construction is currently underway, with both residential buildings expected to open in spring 2028.
Entities
Kim Norton · Mayo Clinic · Rochester · Sherman Associates · Zumbro River
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The development will consist of a 273-unit market-rate tower and a 76-unit affordable senior housing community. www.kaaltv.com · kroc.com · wjon.com
- [● 3 SOURCES] The project buildings are expected to open in spring 2028. www.kaaltv.com · kroc.com · wjon.com
- [● 2 SOURCES] The development will include a new publicly accessible walking path along the Zumbro River. kroc.com · wjon.com
- [● 3 SOURCES] Sherman Associates has closed financing for a $136.5 million multifamily housing development in downtown Rochester. www.kaaltv.com · kroc.com · wjon.com
- [○ 1 SOURCE] The market-rate tower will feature 221 traditional apartments and 52 furnished short-term or month-to-month units. www.kaaltv.com
- [● 2 SOURCES] The project received $13.5 million in tax increment financing and $3 million in Destination Medical Center funds. kroc.com · wjon.com
- [● 2 SOURCES] The development includes a 15-story tower and an enclosed parking ramp with 350 spaces. kroc.com · wjon.com