Mayo Clinic, a nonprofit academic medical center based out of Rochester, Minnesota, has reportedly announced that it plans to invest $190 million as part of a project to add another 11 floors to the Gonda Building. The expansion would make the building the tallest in the city, cite sources.
Reportedly, four out of the 11 new floors would be for patient care and the remaining seven floors would be turned into a hotel that is being developed through a joint venture (JV) between Mayo and a Singapore-based firm called Pontiac Land Group.
The Gonda Building currently has 21 floors and is already a part of the Mayo Clinic medical center. However, the building would stand 32 stories tall with a height of 490 feet from its current height of 305 feet, following the completion of construction.
According to a report by Minneapolis/St. Paul Business Journal, the investment is the latest announced by Mayo in the recent weeks as it has previously declared to have commenced working on over $800 million projects at Phoenix, Arizona and Jacksonville, and Florida campuses.
Executive Dean of Practice at Mayo Clinic, Dr. C. Michel Harper Jr., reportedly stated that the facility is in dire need for additional clinical space to expand the patient care services and the new addition allows the clinic to have the extra four floors on top of the existing Gonda Building.
For the record, the additional floors would span over a 200,000-square feet area and would be used for outpatient procedures as well as for cancer patients. Construction is reportedly scheduled to commence by the last quarter of 2019 or the first quarter of 2020 with completion anticipated by 2022.
Furthermore, construction of the hotel space would reportedly be monitored by Pontiac Land Group. The hotel would contain about 200 rooms and will be operated by a major hotel group, that is likely to be named later. However, the hotel would still be owned by the JV, cite sources.