Jan. 8—ROCHESTER — A Minneapolis firm recently paid $6.9 million for The Lofts at Mayo Park, a Rochester apartment complex on the banks of the Zumbro River.
EastStar Trust, LLC purchased the 29-unit building at 123 Sixth Ave. SE on Dec. 30, 2024, from EastBank Lofts, LLC of Sanibel, Florida. EastBank Lofts is led by Helen Roland, who is a trustee of the George F. Pougiales Trust.
The Pougiales family has owned and operated a variety of properties in and around downtown Rochester. It has worked to redevelop properties into community assets in memory of John, George and Mary Pougiales, according to the Lofts at Mayo Park website.
The project design was decided by a competition with six entries being reviewed at the Rochester Art Center. The winner was Minneapolis-based Snow-Kreilich Architecture.
The four-story complex was built by the Pougiales family in 2016, after homes were demolished to clear the site. The Lofts at Mayo Park project received $350,000 in tax-increment financing from the City of Rochester to bury power lines between East Center Street and Fourth Street Southeast, along Sixth Avenue, and “to enhance the adjacent park.”
Olmsted County estimated the total market value of the complex and land at $6.5 million for 2024-2025.