On Friday, I happily dispelled one of the current myths about Destination Medical Center, that it has triggered a dramatic boom in downtown Rochester property values. To recap, the value of commercial real estate downtown increased about 16.9 percent from 2013 to 2015 — a healthy increase, but not exactly a Manhattan-style gold rush.
Property taxes assessed for those commercial properties increased about 15 percent from 2013 to 2014, according to Olmsted County bean counters. (This year's numbers aren't available.)
So, to entice my worldwide readers to return today for more information, I promised to list the Top 10 commercial properties in downtown Rochester by estimated market value.
As you might expect, the owner's name for most of the properties begins with "M." Only four of the top 10 are not M-owned, and one of those is a city property.
The names are followed by the county's estimated market value for 2015 and the property taxes that were payable in 2014. In the case of Mayo properties, the market values are for the total property, though taxes are paid only on portions of the building that aren't covered by Mayo's not-for-profit status.
1: Gonda Building, Mayo Association, 100 Third Ave. SW
2015 value: $267,795,500
2014 taxes: $5,023,494
2: Mayo Building, Mayo Foundation, 200 First St. SW
2015 value: $103,970,400
2014 taxes: $2,796,800
3: Plummer Building/Siebens Building, Mayo Properties Association, 100 Second Ave. SW
2015 value: $45,617,900
2014 taxes: $69,026
4: Hilton Building, Mayo Foundation, 210 Second St. SW
2015 value: $39,181,000
2014 taxes: $956,868
5: Kahler Grand Hotel, KAH LLC, 20 Second Ave. SW
2015 value: $26,357,200
2014 taxes: $876,944
6: Broadway Residence and Suites, Rochester Development Inc., 15 First St. SE
2015 value: $23,567,800
2014 taxes: $430,729
7: Harwick Building, Mayo Foundation, 205 Third Ave. SW
2015 value: $19,836,200
2014 taxes: $260,940
8: Ozmun West, Mayo Clinic, 515 Second St. SW
2015 value: $19,777,200
2014 taxes: $327,212
9: Rochester Marriott hotel, MAR First Avenue Southwest LLC, 101 First Ave. SW
2015 value: $19,311,300
2014 taxes: $740,602
10: Minnesota BioBusiness Center, City of Rochester, 221 First Ave. SW
2015 value: $17,670,000
2014 taxes: $543,518
Pretty interesting, don't you think?
Here are a few other points of interest downtown:
The Shops at University Square, 111 Broadway Ave. S, is valued at $12,532,800. Just across the street, the DoubleTree Hotel is at $14,869,400, and the U S Bank building, just south of the Marriott and owned by BGD5 Office LLC, has a market value of $15,431,700.
The Kahler Inn & Suites, at 9 Third Ave. N.W., is valued at $14,873,000, about a million more than in 2014, and regarding the Kahler Grand, that hotel has seen its estimated market value go from $20.6 million in 2013 to $26.3 million this year. That might fit the definition of "through the roof," a notion that I pooh-poohed Friday as a generality about downtown.
And for the record, just to make a full disclosure, the Post-Bulletin's world headquarters at 18 First Ave. SE has an estimated market value of $5,049,600 this year, up from $4,650,000 in 2013, and taxes payable in 2014 were $176,066. The P-B Co. has a few smaller parcels downtown as well.
Dear Answer Man, you are so knowledgeable about what is going on in Rochester that perhaps you can answer this question. Michaels restaurant prided itself on having photos displayed of famous guests. Please tell me what they are going to do with all of them. People that are close to me were in the picture of Danny Kaye that was taken in the 1960s. — Jeanette
Michaels had dozens of photos of famous diners from long ago, but they missed opportunities in later years to keep adding to the Hall of Fame. They missed me, for example. I was one of their most loyal customers and the only photos ever taken of me in that restaurant were selfies.
The Pappas family has said they're planning to make prints available online, though that's probably a ways off. Some of those photos will require major touch-ups. Many were so faded that you couldn't tell Danny Kaye from Kim Novak.
Coming up, though, is the auction of just about everything in the restaurant, which closed on New Year's Eve. The auction is at 5 p.m. Thursday at Michaels, 15 Broadway Ave. S, handled by Grafe Auction Co. in conjunction with John Kreusel's General Merchandise & Auction Co.
If you've always coveted one of the restaurant's 60-odd oil paintings, the 1850s-era French bedside commode or perhaps a carved hutch, now's your chance. Just about everything's on the block, from the lobby's 17th century painting of an overstuffed nobleman to the chandeliers. You can check out the 1,700 items from 4 p.m. to 8 p.m. Tuesday.
For Michaels fans, that auction is the place to be next week.