Plans Revived for Historic Bank Building in Downtown Rochester

Rochester, MN (KROC-AM News) - Plans for a major development involving a historic downtown Rochester property appear to be back on track.

For many years, there has been discussion about adding additional floors above the existing Olmsted County Bank and Trust Building in the 100 block of 2nd Street Southwest. The property is included in the downtown Rochester Historic District and was recently the subject of City Council action, which rejected a request to remove it and two other buildings from the historic district.

READ MORE:  City Council Upholds Historic Status Of Rochester Buildings

Historic Designation Retained

The other properties involved in the request were the Odd Fellows Building on the northeast corner of 2nd Street and 1st Avenue Southwest and the former Northwestern National Bank Building, now known as Brackenridge Square. The request came from an entity known as Capital Ventures LLC, which owns the Olmsted County Bank and Trust Building and indicated in city documents that it was negotiating to acquire the two other buildings for what was described as a hotel and condominium project.

DMC Funding Request

The Olmsted County Bank and Trust Building, which was constructed in 1918, is now the focus of a funding request scheduled to be presented to the Destination Medical Center Corporation Board on Thursday. According to the meeting agenda, the DMC Board is being asked to approve $500,000 in DMC funding to help support a $17.4 million project involving the historic building.

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Boutique Hotel

The requested DMC funding would be directed toward protecting and preserving the exterior of the building, as well as work associated with the reuse of the interior. The developer has outlined a project that includes a three-story addition to the historic building, which DMC Economic Development Director Patrick Seeb has indicated would be used for a boutique hotel.