Updated: 07/08/2013 1:14 PM KSTP.com By: Kate Renner
You've heard of the old song lyrics, "paved paradise, put up a parking lot?" What is happening today is kind of the opposite. The southwest corner of Southdale's parking lot will soon be home to hundreds of Edina residents.
Crews broke ground today on a new high-end apartment complex called, "One Southdale Place."
Southdale sold part of their parking lot property to a developer who is building the 232-units to be marketed to young empty nesters who want to stay in Edina.
The developer tells me it will have luxury urban design but with the conveniences of being situated between Southdale Mall and the Galleria.
Part of the design includes plans for an outdoor pool, a fitness club, underground heated parking, a rooftop terrace with lawn bowling, and private theater.
Three buildings will go up and will be available for renters by next summer. One building will be a 10-story apartment complex, the other two will have five and three floors.
The cost per unit ranges; for one-bedrooms it starts at $1,700 a month. For the three-bedrooms, it'll run at $4,500 a month, and there are four penthouse units on the top floor, which would cost more than that.
Stuart Company and Simon Property Group co-owns the "One Southdale Place." They estimate it will cost more than $40 million to build.