Bloom International Realty to Develop Two Mixed-Use Towers in Minnesota for $180M
ROCHESTER, MINN. — Bloom International Realty of United Arab Emirates plans to develop a pair of mixed-use towers along the Zumbro River in Rochester. Total project costs for the 1 million-square-foot development will be $180 million.
The Rochester City Council gave the planned use for the property unanimous approval on Monday, March 19. Before the development can move forward, the council still needs to approve a land sale to Bloom and a $20 million tax increment financing package, according to the Minneapolis/St. Paul Business Journal.
At full build-out, the development will include a 180-room hotel with 130 branded condominiums, a 215-unit seniors housing community and 37,000 square feet of ground-floor retail and restaurant space. The first tower will span 22 stories and the second will span 26, according to local media reports.
In addition, the project will include an indoor winter garden, a public plaza on 3rd Street, a rooftop terrace park and a boardwalk that will provide access to the Zumbro Riverfront.
Pittsburgh-based architecture firm AE7 is designing the project. A construction timeline for the development was not disclosed.
— Camren Skelton