Edina approves $310 million mixed-use development at 72nd and France
The Edina City Council unanimously approved a major redevelopment project on March 15 that will transform a 9-acre former gravel pit into a mixed-use neighborhood with apartments, condos, retail space, and affordable housing units.
The city council established a new Tax Increment Financing (TIF) district at 72nd and France to support the $310 million redevelopment of the former Macy's Furniture and Mattress Gallery site. The city and Housing and Redevelopment Authority committed up to $23 million in combined TIF and SPARK fund support to make the project feasible.
Developers Enclave Companies and Lifestyle Communities will build four new buildings on the site: an 11-story condominium with office and retail space, a 7-story mixed-use apartment building, and two additional 7-story apartment buildings with restaurant space. The project includes indoor parking for residents and employees, public street-level parking, public roadways, sidewalks, landscaping, and will preserve the 9M Creek bicycle trail on the property's southern edge.
The site presented significant challenges that justified the public investment. The property was formerly a gravel and sand pit, meaning most of the land required extensive remediation before construction could begin. "It's an 8-acre site that used to be a gravel and sand pit, so there's really no portion of this building other than what's behind us today that's even buildable," a city official explained. "There's a lot of site preparation that has to happen that's millions of dollars."
The TIF dollars will specifically reimburse developers for site-specific costs that create public benefit, including site remediation, public space development, public parking infrastructure, and affordable housing units. "What we'll be using those TIF dollars for is to reimburse the developer for a lot of those costs that are really unique to the site that create public benefit and make the project possible," a council member stated. The project's public benefits—including exterior public spaces, interior public parking, and affordable housing—will be funded through the TIF investment.
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Other Topics from This Document
Mixed-Use Redevelopment Project Approval
Site Remediation and Public Benefit Requirements
Also from this meeting
▸Meeting Analysis
“what we be using those Tiff dollars for is to reimburse the developer for a lot of those costs that are really unique to the site that create public benefit and make the project possible”
“it's an 8 Acre Site that used to be gravel and sand pit so there's really no portion of this building other than what's behind us today that's even buildable so there's a lot of site preparation that has to happen that's millions of dollars”
“the final project has a lot of the public space on the exterior as well as public parking on the interior affordable housing units all those things that deliver public benefit cost a lot of money and that's where the Tiff will be spent”
▸Source Document
[Music] the city has created a new tax increment financing or Tiff District to support public improvements tied to the Redevelopment of the 9 acre Macy's Furniture and Mattress Gallery site on France Avenue Enclave companies and lifestyle communities secured approvals earlier this fall for the project which will include four new buildings the existing store will relocate and the existing building will be raised one of the new buildings will be an 11-story condominium building with office space and either a restaurant or retailer on the street level another will be a seven-story mixed use building with Apartments the other two will be seven-story apartment buildings one of those will also have space for a restaurant each building will include indoor parking for residents employees and customers the street level parking stalls would be available to the general public the site plan is arranged with new roadways sidewalks and Landscaping areas that will be available to the general public the existing 9M Creek bicycle trail will remain on the southern edge of the property the development team plans to invest nearly 310 million in the project under the Tiff Redevelopment agreements approved by the city council after the new 72nd and France three Tiff District was established the city and Housing and Redevelopment Authority pledged up to nearly 23 million to reimburse a portion of eligible costs using a combination of Tiff and a grant from the city's special projects and Redevelopment capital or spark fund what we be using those Tiff dollars for is to reimburse the developer for a lot of those costs that are really unique to the site that create public benefit and make the project possible so for example raising the existing building cleaning up the property it's an 8 Acre Site that used to be gravel and sand pit so there's really no portion of this building other than what's behind us today that's even buildable so there's a lot of site preparation that has to happen that's millions of dollars and then the final project has a lot of the public space on the exterior as well as public parking on the interior affordable housing units all those things that deliver public benefit cost a lot of money and that's where the Tiff will be spent establishing the Tiff district and approving the Tiff Redevelopment agreements with the developers were the first few of many regulatory and procedural steps in the process approval of each design or construction project to fund public infrastructure projects would be approved by the city council or Housing and Redevelopment Authority
This story was created by artificial intelligence (a large language model) based on the proceedings captured in the video below.
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