Hot Property: Highland Bank redevelopment, Minnetonka

Type: Mixed use, retail/rental apartments

Apartment units: 139

Retail: 18,000 square feet

Developers: Paster Enterprises, Bader Development

Architect: ESG Architects

Details: Two prominent Twin Cities commercial real estate owners are teaming up to propose the redevelopment of the Highland Bank building in Minnetonka, just across Plymouth Road from Ridgedale Center.

St. Paul-based Paster Enterprises, which owns and manages 11 shopping centers in the Twin Cities metro, and apartment developer Bader Development of St. Louis Park are floating plans to build a six-story, mixed-use building with 139 market-rate apartments situated above 18,000 square feet of retail after the demolition of the 34-year-old building.

Paster purchased the 20,149-square-foot Highland Bank multitenant building in November. In addition to the bank, it currently houses Avada Audiology & Hearing Care as well as several other tenants.

Robb Bader, Bader Development's vice president of acquisitions and development, said the apartment rents would average $1.90 per square foot, adding there are no comparable high-end rentals in the Ridgedale area south of Interstate 394. The city's long-range vision for the area southwest of the mall calls for redevelopment from retail into residential and office uses.