Plans in the works for Two Discovery Square
Mortenson, the developer of One Discovery Square, is studying the possibility of building a second structure in downtown Rochester.
The company, which is partnering with Mayo Clinic on the Discovery Square build-out, is now conducting a market analysis to determine the types of infrastructure and technology that would be needed to recruit prospective tenants to a second building in the sub-district.
Chris Schad, director of business development for Discovery Square, told the Destination Medical Center Corporation Board on Thursday that Two Discovery Square would likely be located adjacent to the first building.
“The success we’ve had in creating demand for One Discovery Square has really compelled us and Mortenson to start planning for a new development,” said Schad.
A timeline on the second project has not been set. To avoid losing momentum between ribbon cuttings, Schad said DMC is working on a long-term strategy to address the needs of startups in the community.
“Those businesses have unique needs that well-established healthcare, technology companies don’t have,” he said.
Epic, the company responsible for Mayo’s medical records overhaul, is slated to become the first tenant of One Discovery Square when it moves into the new space on June 3. Other tenants include Mayo and the University of Minnesota Rochester.
Additional tenants for One Discovery Square will be announced this summer, said Schad. So far, they have signed leases for 54,000 square feet of space and letters of intent for another 18,000 square feet.
Over the lifespan of DMC, Mortenson plans to work with Mayo to develop 2 million square feet of new research, commercial and product development space in the 16-block Discovery Square sub-district.
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