Finance & Commerce: Sherman Associates nears closing on $140M Rochester project

Sherman Associates is nearing the financial closing for its project at the Rochester Civic Center North parking lot site, a transformative $140 million mixed-income housing development planned for downtown Rochester.

The project will deliver 341 new homes near the Mayo Clinic campus with a 15-story, 265-unit market-rate apartment tower and a 76-unit affordable senior housing building. Located along the Zumbro River, the development will also feature public riverfront amenities, enhanced green space, solar-ready infrastructure, and a shared parking structure.

Sherman Associates has invested more than $3.5 million in predevelopment efforts, secured financing for the affordable senior housing component, and secured a majority of the funding needed to advance the project. The Rochester Economic Development Authority recently approved an extension to allow the development team to finalize financing, with construction expected to begin later this summer.

With financing nearing completion, the project is poised to activate a key downtown site with new housing, public spaces, and community-focused amenities.

Read the full article here: https://finance-commerce.com/2026/07/sherman-associates-140m-civic-center-north-rochester/