Prominent downtown Rochester hotel may become student housing – Post Bulletin
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ROCHESTER — A College of Minnesota program to increase much more than 400 pupil housing beds in downtown Rochester would acquire about 200 skyway-linked lodge rooms out of the heart of the Med City.
The UMN regents are taking into consideration a proposal to lease nine flooring of DoubleTree Lodge by Hilton at 150 South Broadway to home University Minnesota Rochester students. Rochester’s Titan Enhancement and Investments, led by Andy Chafoulias, owns and operates the hotel.
If accredited, the college would lease floors 3 to 11 for $3.06 million yearly for 12 years with the gross rent rising 1.75% a calendar year. The university would also owe a professional rata share of real estate taxes and utilities, which is believed at $1.01 million for the to start with year.
The lease is scheduled to start off this summer time on Aug. 1, 2023.
The lodge, which is managed by Chafoulias’ Avra Hospitality, would be essential to make an approximated $7.63 million in renovations “to change it from its present-day use as a resort into a university student housing and eating facility with ancillary recreational room.”
Less than the arrangement, Titan would provide “a full-service eating method for 3 foods a day, 7 days a week throughout the academic calendar year.”
College of Minnesota-Rochester now leases the two major floors of Titan’s Galleria at University Sq. mall, across Broadway from the DoubleTree. The leasing of the former retail room in the mall for UMR lecture rooms started in 2007.
No associates from Titan or the college responded to requests for remark this early morning.
Neither were being any representatives from the Practical experience Rochester hospitality team, the Desired destination Health-related Centre Financial Advancement Company or the Rochester Downtown Alliance readily available to examine what this shift might signify for downtown Rochester and the force to offer more housing and facilities for folks viewing Mayo Clinic.
The proposed lease did not mention what reworking the distinguished resort into a scholar housing middle may indicate for Pescara cafe or the Café Steam coffee shop. Both lease space in the making.
Created in 1988, the resort formerly operated as a Radisson resort. Gus Chafoulias, Andy Chafoulias’ late father,
renovated the residence and transformed the manufacturer to DoubleTree in 2008
.
Jeff Kiger tracks small business action in Rochester and southeastern Minnesota every day in “Read on the Avenue.” Send guidelines to
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. You can connect with him at 507-285-7798.
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