Paster Properties and Bader Development are partnering to develop a six-story, 155,000-square-foot mixed-use building in a retail center along Plymouth Road in Minnetonka.

The project, which is being called the Shops at 1700 and Residences at 1700, will have about 20,000 square feet of multitenant retail space on the ground floor, with 115 luxury apartments with oversized windows and big balconies on floors two through six. The building will have heated underground parking, an elevated outdoor pool deck, lounge areas, a fire pit, an indoor clubroom and a fitness center.

There will be two levels of underground parking with 190 stalls for apartment dwellers and 80 surface parking spaces for retail users.

The building, designed by Minneapolis-­based Elness Swenson Graham Architects, will replace a three-­story Highland Bank building that’s in a hotbed of retail just south of Interstate 394 between Ridgehaven Mall and Ridgedale Center. Highland gets a spot in the new building along with several small shops. Groundbreaking will happen on Monday.

The apartments will be leased and managed by Steven Scott Management Inc. and are slated for completion in early 2017. Paster Properties is a longtime developer and manager of retail projects in Minnesota, while Bader Development focuses on developing and managing multifamily properties.

The project is just one of several proposed for the suburbs, including the Shoreham in St. Louis Park and MartinBlu in Eden Prairie.