A 425 multifamily unit, Blue Stem residential development is in the works in Eden Prairie, Minneapolis. Greco Properties is in charge of the development, which plans for the housing units in three buildings on a 15.3-acre development site in the city’s Golden Triangle neighborhood, is undergoing an environmental study. Greco has filed a land-use proposal with the city and intends to go before the Planning Commission in December or January, with City Council approval following, according to Josh Brandsted, president of Greco Properties. He also stated that Greco has been working on the project with its partner, Eagle Ridge Partners, since April.
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The development site, which was formerly a parking lot for a property to the south, has long been considered for new uses. According to an Environmental Assessment Worksheet, the parking lot was removed “about 2004.” According to the EAW, the property was once planned for an office building. Construction began, but the project was “ended early, leaving only a building foundation in situ,” according to the document.
First phase of the Blue Stem residential development
The first phase would run from April to December 2023, with the second extending from May to December 2026. The first phase would consist of two connected four- and five-story buildings with a mix of affordable and market-rate flats. According to the EAW, in both stages, 20% would be affordable to households earning 50% of the area median income, while 5% would be affordable to those earning 80% of the AMI and 75% of the market rate. Despite the fact that the development site is more than 15 acres, just four acres will be constructed. The remaining 11.3 acres would be open space, including trails, wetlands, forests, and a stormwater pond, according to the EAW.
According to the EAW, planned amenities in both phases range from “work-from-home” offices and a “coworking” lounge to an indoor/outdoor health center and a sun deck with pool and spa. Residents would have access to 575 structured parking spots, including 311 in the first phase and 264 in the second.
