Edina staff say 11 proposals received for 5146 Eden Avenue; selection process to begin in May
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
City staff reported 11 proposals for the former public-works site at 5146 Eden Avenue, a wide range of housing and commercial concepts, land-price estimates from about $1 million to nearly $6 million, and a plan to shortlist developers after a May 15 work session and closed real-estate discussion.
Bill (Public Works) told the Housing and Redevelopment Authority on April 24 that the city received 11 proposals in response to the March RFP for the 5146 Eden Avenue site, the city's former public works property.
"We received 11 proposals from a wide variety of developers," Bill said, describing the submissions as responsive to the RFP's request for low- and mid-rise concepts rather than high-rise projects. He said proposals spanned senior co-ops, rental and ownership townhomes, row houses, condominiums, senior apartments, family apartments, general-purpose all-ages apartments, and mixed commercial space.
Staff reported a wide range of proposed land purchase prices, from just over $1 million on the low end to nearly $6 million on the high end. Financing strategies described by proposers include private financing, TIF-dependent plans, HUD funding, and applications for Minnesota Housing tax credits.
Next steps outlined by staff: a May 15 HRA session to begin evaluation (open meeting followed quickly by a closed session under the real-estate exception), inviting a short list of teams to make in-person pitches, and a likely late-June selection of a preferred development team to begin contract negotiations and entitlement work.
No decisions or selections were made at the April meeting; staff said they will prepare a two-page summary to allow commissioners to compare proposals more easily and will circulate materials in advance of the May meeting.