Destination Medical Center Investment Down in 2020
The Destination Medical Center Corp. in Rochester reported that the city drew $144.1 million in private investment in 2020. But amid the pandemic that was down $128 million compared to 2019, a drop of 47 percent.
The Mayo Clinic’s own investments last year totaled $60.3 million, or 42 percent of the total. The remaining $83.8 million came from other private investors. Rochester boosters are touting that they have cracked the $1 billion mark with a total of $1.1 billion in investments since 2013.
The Destination Medical Center concept emerged in 2013. The Mayo Clinic made a big pitch to land a significant amount of money from the state of Minnesota to make it competitive with other world-class health centers. In exchange for a pledge to pilot $5.6 billion in investment in Rochester over 20 years, the state would kick in $585 million for infrastructure.
The plan calls for the Mayo Clinic to invest $3.5 billion over 20 years, supplemented by $2.1 billion in other private investment. The $585 million from the state pushes the full price tag to nearly $6.2 billion.
Over 2018 and 2019, the DMC tracked a combined $534 in investment for 2018 and 2019. The latest numbers are also even slightly less than the $145.3 million seen in 2016.
According to DMC statistics, these are the total investments in recent years:
- 2015: $106.2 million
- 2016: $145.2 million
- 2017: $131 million
- 2018: $262 million
- 2019: $271.1 million
- 2020: $144.1 million
On Tuesday the DMCC board of directors approved a report documenting the 2020 investments.
“A year ago, when the pandemic hit and Mayo Clinic put a pause on its work and everything else, I would not have thought we would be sitting here today at $144 million, and that we’re now over a billion dollars in overall private investment,” said DMCC board chair R.T. Rybak in a statement. “This is really good news.”