Public Hearing: Rezoning from PCD-1 and APD to PUD at 4917 Eden Avenue, Perkins

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The City Council granted preliminary rezoning at their June 1, 2021 meeting. The motion passed 4-1 (Anderson nay).


Reuterwalton is proposing to redevelop 4917 Eden Avenue, which is currently occupied by a Perkins Restaurant and Office Building. The applicant would tear down the existing structures build a seven (7) story 208-unit luxury apartment with a 3,700 square foot restaurant/coffee shop. Twenty percent (20%) of the units would be for affordable housing.

The request require a Rezoning from PCD-1, Planned Commercial District-1 and APD, Automobile Parking District (the south parking lot is zoned APD) to PUD, Planned Unit Development. Flexibility would be requested through the PUD Ordinance to vary from setback, height, and floor area ratio (FAR) requirements. The PUD Zoning is also used to ensure the affordable housing on the site.

The City Council granted preliminary rezoning at their June 1, 2021 meeting. The motion passed 4-1 (Anderson nay).


Reuterwalton is proposing to redevelop 4917 Eden Avenue, which is currently occupied by a Perkins Restaurant and Office Building. The applicant would tear down the existing structures build a seven (7) story 208-unit luxury apartment with a 3,700 square foot restaurant/coffee shop. Twenty percent (20%) of the units would be for affordable housing.

The request require a Rezoning from PCD-1, Planned Commercial District-1 and APD, Automobile Parking District (the south parking lot is zoned APD) to PUD, Planned Unit Development. Flexibility would be requested through the PUD Ordinance to vary from setback, height, and floor area ratio (FAR) requirements. The PUD Zoning is also used to ensure the affordable housing on the site.

Q&A

This forum is open for questions to City staff related to the project. Submit your question and staff will get back to you. 

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    1. What defines "affordable housing?" 2. Is it just rates the developer can charge? 3. Is the reduced cost of the affordable units bourne entirely by the developer? 4. Is there any City subsidy or other cost for the project? 5. What is motivating the City for a dense developement at this location, other than revenue?

    Brian Fogelberg asked almost 3 years ago

    Thank you for your questions. Please see the responses below from Stephanie Hawkinson, Affordable Housing Development Manager:

    1. What defines "affordable housing?" Affordable Housing is when the maximum rents levels charged are at or below 60% of AMI.  A chart is available on our website.

    2. Is it just rates the developer can charge? This is the maximum rent an owner may charge.

    3. Is the reduced cost of the affordable units bourne entirely by the developer? No.  In some cases if the affordable units are included in a market rate development, the lower rents can be absorbed by the higher market rate rents.  In 100% affordable developments the reduced rents can only leverage between 30%-70% of the construction costs through debt financing. The difference is made up through public investment (State, County, City and Met Council), private equity through the tax credit program (Section 42 of the IRS code), and/or TIF.

    4. Is there any City subsidy or other cost for the project? A financing application has not been received at this juncture.

    5. What is motivating the City for a dense development at this location, other than revenue? The tax revenue of the proposed development vs. what is collected now as not yet been calculated as there are still unknowns (for example a 4d tax classification has a much lower tax rate than the commercial tax rate.  It is not yet determined whether the owner will seek a 4d tax classification).  The City made a commitment to bringing between 992-1804 new affordable housing units to the City of Edina by 2040 as is reflected in the Housing Chapter of the Comprehensive Plan.  With 93% of the City zoned R1, multifamily housing can only occur in 7% of the City.

    Financing issues will be fleshed out over the summer and fall.  As this juncture the developer is seeking site plan regulatory approvals which is a different process from seeking financing approvals.  A developer must determine whether the proposed building is allowed prior to determining how it will be financed.

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    I've heard many different things about this project, for example TIF $$ being granted, property tax abatements for many years, etc. I'd be interested in finding out what is true, as far as ANY public $$ going to fund any portion of this project. If we as residents of Edina are going to allow something like this, we should know the facts. I'm sure there are many developers that would love to get their hands on this valuable piece of property that wouldn't require public $$ for a project at that site.

    Shane asked almost 3 years ago

    Thank you for your questions.  At this stage there is no direct financing from the City/HRA to the development and no financing application has been received. 

    Tax abatement has not been discussed.

    -Stephanie Hawkinson, Affordable Housing Development Manager

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    What consideration is being made for the current occupants of those buildings? Compensation, relocation, loss of jobs, etc.

    Jwrichter asked almost 3 years ago

    Thank you for your question. This question was posed to the applicant. They indicated that the property owner has not divulged the specifics of the buyout of Perkins.   

Page last updated: 10 Sep 2021, 08:41 AM