Robust Development Plan Encourages Innovation and Expertise
Monday, March 29, 2021
Destination Medical Center (DMC) is a unique 20-year, public-private partnership and economic development initiative in Rochester, Minnesota, home to Mayo Clinic. Launched in 2013, the $5.6 billion plan is the largest in Minnesota’s history and one of the largest initiatives currently under way in the U.S. The partnership combines Mayo Clinic private development with that of other developers and investors, in addition to public infrastructure investment from the City of Rochester, Olmsted County, and the state of Minnesota.
The DMC initiative is guided by a robust development plan, which was adopted in 2015 to chart the course for development over a 20-year period. Five years into the plan, the model is working, with targets achieved for investments, tax revenues, and employment.
One of DMC’s priorities is development within Discovery Square, a 16-block, live, work and play sub-district, which serves as a unique entrepreneurial environment for businesses of all sizes. Vibrant, agile startups bring their energy to Discovery Square, while some of the largest and best-respected companies from around the world bring deep expertise to the community. The combination of innovation and expertise join forces in an ecosystem designed to encourage and equip entrepreneurs. As an example, technology companies are moving into Discovery Square and diversifying the economy while adding valuable high-technology jobs to the market.