Is It Doom and Gloom for Bloom?
Rochester, MN (KROC AM News) - The future of a huge development project planned for downtown Rochester is up in the air.
Bloom International Realty has notified the city it has terminated the purchase agreement the two sides agreed to last year for its planned project along the Zumbro River between 2nd and 4th streets.
The letter was sent to the city in late December as some project deadlines were approaching.
The city and Bloom spent three years working out a development agreement that included about $20-million in public assistance. That agreement has not yet been signed by either party. The property the project would be built on is owned by the city.
Assistant City Administrator Terry Spaeth says Bloom is apparently taking another hard look at the overall plan and could decide to proceed with its original proposal. Spaeth says Bloom may also decide to focus on the first phase of the project, which calls for a 20 story tower on the south end of the site. It would include 215 apartments for seniors. The second phase calls for a 28 story tower on the north end that would include 181 hotel rooms and 132 condo units. Bloom would also provide the city with parking spaces to make up for the loss of the 2nd St ramp.
At least one City Council member is upset at the sudden change in plans.
Second ward representative Michael Wojcik says he expects Bloom to live up to its agreement and meet the required deadlines. If not, he would like the city to consider seeking other proposals for the site.
At this point, the city is waiting for a formal request from Bloom on what its next step will be.