Heard on the Street: OMC buys property from Rochester schools for $2.25 million
Rochester Public Schools sold a 53-year-old complex along South Broadway to Olmsted Medical Center for $2.25 million last week.
The sale of the school’s “Multi Service Building” at 10 9½ St. SE closed on Dec. 21, though the deal had been in the works since a purchase agreement was signed in August. The Rochester School Board approved the final sale at its Dec. 11 meeting.
The 22,513-square-foot building with associated parking lots is located on 1.73 acres in a high-visibility spot along South Broadway.
Olmsted County estimated the market value of the building and land at $2.28 million for 2017-2018 and the adjacent parking lot at $64,600.
OMC is still working out the details of how it will use the complex.
“OMC is in the process of finalizing its plans for the building. It is anticipated that OMC will use the facility for administrative and training purposes,” said OMC Chief Financial Officer Kevin Higgins in a written statement.
The original closing date was Oct. 1, but that was delayed twice due to difficulty the Rochester Public Schools had wrapping up a deal with Fairway Outdoor Advertising over rights to use the adjacent parking lot.
RPS paid Fairway $35,000 for the parking lot on Dec. 13 to clear the way for the OMC deal.