A developer has proposed building a 17-story, luxury residential tower near the Galleria in Edina, the latest attempt to build a high-rise in the affluent suburb for an expected surge of older wealthy people in coming years.
The complex, located on Hazelton Road close to France Avenue, would offer 170 units ranging from one-bedroom apartments to three-bedroom penthouse units as well as two-story townhouses along the Promenade greenway.
The developer behind the proposal is Lund Real Estate Partners, a Twin Cities-based real estate company led by Tom Lund. He was vice president of development for the Opus Group from 1997 through 2013, then co-founded Illinois-headquartered Harbor Bay Real Estate Advisors in early 2014. He left Harbor Bay in mid-2017 to start Lund Real Estate Partners.
Lund submitted a sketch plan dated Dec. 20 to Edina city planners, who said the project is expected to be discussed at the Jan. 10 Planning Commission meeting. ESG Architects of Minneapolis designed the project.
“As we watch the community transformation happening before us, we have also been struck by the lack of upscale multifamily alternatives for existing and future residents of Edina,” Lund wrote in the proposal. “As recent empty-nesters, we have each witnessed our friends and neighbors leave Edina for perhaps a condo at the Carlyle in downtown Minneapolis or an apartment at the Lakes on Calhoun. Not always by choice.”
The complex would have an enclosed 255-stall parking garage, a fitness and yoga studio, clubroom, outdoor deck and bike storage and lounge for maintenance.
Lund’s team was attracted to the site due to its walkability. Residents could easily travel on foot to stores and other amenities.
Currently, the site is home to the 12,000-square-foot Guitar Center building, which would need to be demolished to make way for the more than 300,000 square-foot high-rise. According to Hennepin County property records, the property is owned by apartment development company StuartCo.
StuartCo leadership wasn’t available to comment Thursday. Guitar Center representatives also couldn’t be reached.
Lund said via e-mail he hoped to start construction on the project in late 2018 after city approvals, with work expected to take 18 to 20 months.
The apartment tower would join a list of high-density housing projects that have been recently proposed in Edina. This past summer, developer EG Capital submitted plans for a residential development further down France Avenue at Gallagher Drive. A couple of months ago, city leaders rejected a plan by developer Ryan Cos. to build two condo towers farther north on the other side of France Avenue.
Earlier this month, Bloomington-based Doran Companies and KM2 Development of Minneapolis started demolishing the empty Best Buy store at the Southdale Shopping Center to make way for a five-story, 185-unit apartment building.