Hot Property

  • Updated: December 30, 2007 - 8:12 PM

PENTAGON PARK REDEVELOPMENT

W. 77th Avenue east of Hwy. 100, Edina

Type: Office, hotel, condominiums

Hotel size: 150 rooms

Office area: 750,000 square feet

Developer: Wayzata Properties

Inner-ring suburbs, once the frontiers of development, now are frontiers of redevelopment as land-starved real estate companies find creative ways to assemble the space they need for new projects. You can see it, for instance, along the Hwy. 100 corridor stretching from St. Louis Park to Bloomington.

The newest project in that area is the Edina Gateway Pentagon Park Redevelopment, spearheaded by Wayzata Properties and anchored by Pentagon Park office complex.

The 43-acre site, developed in the late 1960s as the first major suburban office park in the Twin Cities region, includes about 16 buildings and stretches along W. 77th Avenue east of Hwy. 100.

The redevelopment project, which will be staged over several years, is slated to start in 2008 with a new $20 million, seven-story, 150-room Aloft Hotel, and with Burgundy Place, a $13 million mixed-use retail structure topped with 36 condominiums.

That will be followed in 2009 by up to 634 units of senior housing and, finally, new office space to be built when current tenant leases expire in 2010 and 2011.

The project is slated to generate 750,000 square feet of office space, including 15,000 square feet of retail in the Burgundy Place condo structure.

"That area kind of seems right for redevelopment," Edina Planning Director Cary Teague said of the Hwy. 100 corridor.

Maciek (M.G.) Kaminski heads Wayzata Properties. He tapped Minneapolis-based United Properties to handle leasing for all the properties, which total 1.2 million square feet. He also hired Jim Nelson, a principal with Eberhardt Advisory and a longtime Edina resident, as the owner's representative in the project.

Nelson says Kaminski is taking measures to ensure the project fits the community. For instance, the Aloft Hotel was held to seven stories, the same height as the tallest building now in the office park. The hotel won't have conference and meeting space, and the retail will be limited to neighborhood-type services, stores and restaurants.

The redevelopment plan calls for the senior housing to be on the eastern side of the site, along the edge of the Fred Richards Golf Course, creating a transition to the higher-density uses to the west. Nelson said Burgundy Place is particularly exciting because the condo price points will be held between $225,000 and $400,000.

"We hope it will be attractive to people who work in the community, to teachers and other workers," he said. "Our prices stop at a point where most of the others start."

ANNE BRETTS

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