Minneapolis-based Hillcrest Development had proposed convertingthe 530,000-sf retail center into high-tech offices, reserving theoption of using it for warehouse and light industrial purposes inthe interim. The deal would have required a new taxincrement-financing district, a subsidy equal to about$4 millionover 15 years.
Hillcrest had already arranged to sign an 80,000-sf lease withLiberty Enterprises, a Mounds View, MN-based company that sellspayment and marketing systems to credit unions.
Since Apache Plaza is in a residential neighborhood, the planwould have required a change in zoning. City Council members, whorejected the project in a 3-2 vote, were concerned about convertingthe area to industrial use, even on a temporary basis. Instead,they prefer a mix of residential, retail and office uses.
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