May 16, 2022 - Real Estate

A $250 million Edina project is under construction near Galleria

A demolished building on the left; a rendering of a new project on the right

Demolition has begun on the old U.S. Bank building (left). On the right, a rendering of what will replace it. Images: Nick Halter/Axios and ESG Architecture via City of Edina

A more than $250 million mixed-use project in Edina is underway after crews last week began demolishing a former U.S. Bank office building at 70th and France.

Details: Developers Mortenson and Orion Investments will eventually build a 24-story, 267-unit luxury apartment tower, a 275,000-square-foot office/commercial building, a new U.S. Bank branch, and street-level retail space.

Catch up fast: The developers asked for, and received, a $22 million city subsidy package from the formation of a new tax-increment financing district. That money will go toward infrastructure, a public plaza, art and a 668-stall parking ramp that can be used by the public.

  • The subsidy, in one of the wealthiest ZIP codes in the metro, stirred complaints from residents.
  • Mortenson development executive Brent Webb told Nick that the parking ramp will serve as district parking, which could help spur more development in the area.

What's ahead: The developers are working to complete the new U.S. Bank branch first before demolishing the rest of the site for the apartments and office space.

  • That phase is expected to begin early next year, with completion in 2024, Webb said.

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