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Public Hearing: Sale of Real Estate at 5146 Eden Avenue
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This was approved 4-0 at the HRA meeting on June 2, 2022.
The Edina HRA owns the vacant 3.3 acre property located at 5146 Eden Avenue. Portions of this site are intended to be sold for redevelopment purposes.
A wide variety of concepts have been explored and considered since the Edina Public Works Department vacated the site and moved into larger facilities in 2013. The Edina HRA intends to sell portions of the site for private redevelopment and retain portions for a widened roadway and public park. Frauenshuh Commercial (a commercial real estate company) has been engaged to help identify a cooperative housing developer and an experienced restaurant operator capable to delivering successful projects that would enhance the new park. In pursuing this combination of public, residential and hospitality uses, the Edina HRA seeks not to maximize the raw land value but prefers to sell at fair value to users that compliment the area and abide by the spirit of the Grandview Seven Guiding Principles.
United Properties https://www.uproperties.com/ proposes to purchase 1.69 acres along Eden Avenue for $3.0 million to be redeveloped as 90 units of senior cooperative housing. This would be a custom-designed building following the Applewood Pointe business model. https://www.applewoodpointe.com/ Most units would be sold at market rates while 10% would be sold at reduced rates to be affordable to income-qualified households.
Jester Concepts https://www.jesterconcepts.com/ proposes to purchase 0.72 acres along Arcadia Avenue for $500,000 to be redeveloped as a multi-level restaurant with indoor and outdoor seating that engages the adjacent park. A grant from the Edina SPARQ program may also be considered to offset the high costs of new restaurant construction. This sale will include deed restrictions that ensure that any future commercial use is complementary to the adjacent public park.
The remaining portion of the site would be redeveloped into a public park.
The City Attorney is preparing Contracts for Private Redevelopment with United Properties and Jester to be reviewed and considered at the Public Hearing.
This Public Hearing is only in regard to the sales contracts. In late summer 2022, the parties anticipate additional Public Hearings to review the site plan proposed for the site.
This was approved 4-0 at the HRA meeting on June 2, 2022.
The Edina HRA owns the vacant 3.3 acre property located at 5146 Eden Avenue. Portions of this site are intended to be sold for redevelopment purposes.
A wide variety of concepts have been explored and considered since the Edina Public Works Department vacated the site and moved into larger facilities in 2013. The Edina HRA intends to sell portions of the site for private redevelopment and retain portions for a widened roadway and public park. Frauenshuh Commercial (a commercial real estate company) has been engaged to help identify a cooperative housing developer and an experienced restaurant operator capable to delivering successful projects that would enhance the new park. In pursuing this combination of public, residential and hospitality uses, the Edina HRA seeks not to maximize the raw land value but prefers to sell at fair value to users that compliment the area and abide by the spirit of the Grandview Seven Guiding Principles.
United Properties https://www.uproperties.com/ proposes to purchase 1.69 acres along Eden Avenue for $3.0 million to be redeveloped as 90 units of senior cooperative housing. This would be a custom-designed building following the Applewood Pointe business model. https://www.applewoodpointe.com/ Most units would be sold at market rates while 10% would be sold at reduced rates to be affordable to income-qualified households.
Jester Concepts https://www.jesterconcepts.com/ proposes to purchase 0.72 acres along Arcadia Avenue for $500,000 to be redeveloped as a multi-level restaurant with indoor and outdoor seating that engages the adjacent park. A grant from the Edina SPARQ program may also be considered to offset the high costs of new restaurant construction. This sale will include deed restrictions that ensure that any future commercial use is complementary to the adjacent public park.
The remaining portion of the site would be redeveloped into a public park.
The City Attorney is preparing Contracts for Private Redevelopment with United Properties and Jester to be reviewed and considered at the Public Hearing.
This Public Hearing is only in regard to the sales contracts. In late summer 2022, the parties anticipate additional Public Hearings to review the site plan proposed for the site.
