Inland, Reuter Walton to Break Ground on 342-Unit Citywalk Apartments Across From Mayo Clinic in Rochester

ROCHESTER, Minn. – Inland National Development Company, LLC (INDC), a member company of The Inland Real Estate Group of Companies, Inc., and co-developer Reuter Walton Development, LLC (RWD) will hold a ceremonial groundbreaking Nov. 19 for Citywalk Apartments, a 342-unit multifamily development in downtown Rochester, Minnesota. The project is located directly across from Mayo Clinic's downtown campus and is expected to be completed in 2028, the companies announced.

Citywalk Apartments Groundbreaking Details

The ceremony will take place Thursday, Nov. 19, 2026, at the southwest corner of 2nd Street SW and 6th Avenue SW. The event runs from 1:30 to 3:30 p.m., with comments beginning at 2 p.m. Media are invited to attend, and registration is encouraged but not required.

The groundbreaking is part of Building Rochester: Celebrating Downtown Housing and Citywalk Groundbreaking, hosted by Destination Medical Center (DMC) as part of DMC Exchange, a week-long community event running Nov. 16–20. The Nov. 19 program will recognize a decade of downtown housing investment, include a conversation with Citywalk's development partners and conclude with the groundbreaking at the project site.

Project Scope and Amenities

Citywalk will be located at 201 6th Avenue SW along 2nd Street SW, Rochester's primary east-west corridor connecting Mayo Clinic's downtown and Saint Marys campuses. The development will offer studio, one-, two- and three-bedroom residences, including 90 short-term, fully furnished units. The building is planned at 13 stories and was designed by ESG Architecture & Design.

Planned amenities include more than 250 climate-controlled underground parking spaces, a rooftop sky terrace, a pool and year-round sauna, a fitness center, coworking space, a golf simulator and a game lounge. The location provides access to Mayo Clinic, downtown destinations, Rochester's pedestrian subway and skyway system, and the future Link Bus Rapid Transit system.

The project represents an investment of approximately $139 million, or about $406,400 per planned unit. The site was assembled and purchased for $20 million in April 2026, and Rochester Economic Development provided $90 million in financing in March 2026. The project evolved from a proposed seven-story, 131-unit building into the current 13-story, 342-unit design.

Executives Comment on Inland and Reuter Walton Partnership

"Citywalk reflects what is possible when strong partners share a common vision for a community," said Anthony Casaccio, CEO and president of INDC. "Working alongside Nick Walton and the Reuter Walton team has made this project stronger at every step. Together, we are bringing new housing to Rochester as the community grows alongside Mayo Clinic, and we look forward to celebrating this milestone with the Rochester community."

"With apartments and short term stay units, this project will support employees working at Mayo, many patients they help, and the family members that come to Rochester to support them," said Nick Walton, CEO and president of RWD.

INDC and RWD are co-developing Citywalk, combining INDC's national multifamily development experience with RWD's Minnesota roots and ground-up development expertise.

Developer Backgrounds

Inland describes itself as one of the nation's largest vertically integrated commercial real estate investment, finance, development and operating groups, with $16 billion in assets under management. INDC's officers and leadership team have, for themselves and others, acquired, developed or redeveloped approximately 10,900 acres of land and 4 million square feet of multifamily, hospitality, healthcare, retail, mixed-use and industrial properties. Those projects include more than 7,000 apartment and condominium units and more than 6,000 residential lots.

Reuter Walton Development has developed 50 ground-up projects totaling more than 5 million square feet and 5,500 units across the multifamily, student housing, hospitality and commercial sectors. Those projects represent more than $2 billion in value.

Rochester Housing Market Context

The groundbreaking comes as DMC marks a decade of downtown housing investment. A Rochester economic-development document identifies 60 new downtown housing units since 2015, including the Lofts at Mayo Park, 1st Avenue Flats and 501 on First. At 342 units, Citywalk would substantially expand the supply of centrally located apartments relative to those earlier projects.

Market research shows Rochester average asking rents of approximately $1,470 per month and an estimated overall vacancy rate of 10.0%. Citywalk is a market-rate development, and its 90 furnished short-term units are intended to serve healthcare workers, patients, family members and business travelers. A DMC impact report also identifies Discovery Walk, a four-block linear parkway along 2nd Avenue SW, as a downtown public-realm project in design.

Sources

• Inland and Reuter Walton Development to Celebrate Groundbreaking of 342-Unit Citywalk Apartments in Downtown Rochester – The Inland Real Estate Group of Companies