May 16, 2022 - Real Estate

A $250 million Edina project is under construction near Galleria

Nick Halter

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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A $250 million Edina project is under construction near Galleria

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