7001 FRANCE AVE S

CLIENT: U.S. BANK

CITY:      EDINA, MN

SIZE:      5.7 ACRES, 380 UNITS, 150,000 SF RETAIL                    SPACE & 6,000 SF BANK BRANCH

​

CHALLENGE:

U.S. Bank owned a 50-year-old, 43,000 SF branch and office building that no longer served its evolving business model. The building was situated on a prime 5.7-acre site that was guided for high-density mixed-use development. After working for two years on an unsuccessful development, Cushman &Wakefield was engaged to help the bank achieve its objective of securing a developer to build a new bank branch and redevelop the balance of the site in a complementary way, dividing the superblock into a grid of streets and four city blocks in a manner consistent with the City’s goals.

​

RESULTS:

• Coordinated a design study and other pre-development work to review options that conformed with the City of Edina’s Experience Design Guidelines.
• Incorporated feedback from the market together with lessons learned on previous unsuccessful development proposals to determine potential development programs.
• Worked with the City staff and elected officials to find market-conforming solutions that the City would approve and that were economically viable.
• Identified and qualified prospective developers and requested proposals.

• Through an RFP process, identified developers and solicited proposals to find the most ambitious ideas and the best price for the residual land, selecting the proposal with the optimal combination of density, financial viability, and the ability to satisfy and work with the bank on a phased development that would allow them to operate continuously.

• Worked with City staff, community members, and other stakeholders to gain support for high-density development.

• Supported U.S. Bank and two developers to secure necessary entitlements and Tax Increment Financing.

• Negotiated a sale and leaseback together with a joint development agreement, reciprocal easements, and operating agreements for a phased development plan that allows for continuous bank operations throughout the redevelopment process.