The Maven on Broadway

Location: 425 Broadway Avenue South, Rochester, MN

Nominated by: Opus Development Company

The Maven on Broadway is a six-story, 42-million-dollar mixed-use apartment and retail development that includes 154 new residential units, a mix of amenities, two levels of parking, and 9,000 square feet of ground-level retail space. The neighborhood is part of the City of Rochester’s Destination Medical Center Initiative – a public-private partnership to position Rochester as the world’s premier destination for health and wellness. The development is steps from skyway access, just three blocks to the Mayo Clinic, and provides a number of amenities promoting connectivity and wellness.

Remediation activities included removing asbestos containing material from a clock tower structure prior to demolition, and removing contaminated soil. In addition, a number of foundation components from previous structures were abated for asbestos prior to disposal; five undocumented water supply wells were sealed; and, a buried transformer was quarantined until deemed safe.

The Maven on Broadway will generate approximately 472 thousand dollars in tax revenue for the City of Rochester and create 29 new jobs for the community. Indirectly, surrounding businesses will benefit from added population in the neighborhood, supporting the local economy. Additionally, the project incorporated sustainable design principles and promotes a livable community through the use of energy efficient systems, green building practices, reduced dependency on automobiles, creative density, and the preservation of natural resources.

Project Financing

  • $42,000,000 – Private Capital/Equity of First Broadway Rochester, L.L.C. (Joint Venture comprised of Opus Development Company, L.L.C., Titan Development, and Berkshire Group)
  • $939,443 – MN DEED Contamination Cleanup Grant
  • $4,2000,000 – DMC Related Tax Abatement

Project Partners

  • Opus Development Company, L.L.C. (Developer)
  • Titan Development (Developer/Construction)
  • Opus Design Build, L.L.C. (Construction)
  • Opus AE Group, L.L.C. (Architect, engineering, interior design)
  • City of Rochester (Planning, Contamination Cleanup Grant administration)
  • Wenck Associates (Environmental consulting)
  • Minnesota Pollution Control Agency (Environmental regulatory oversight)
  • MN DEED (Contamination Cleanup Grant)
  • Fraser Construction (Contractor)
  • Berkshire Group (Equity partner)
  • WSB Associates (Geotechnical, SWPPP)
  • American Engineering Testing (Special inspections and testing)