The cost of the project could run from $75 to $80 million ormore, says Jay Scott, vice president of development at the TwinCities office of North American Properties. "That corner is a keydevelopment site for the city, and we are taking a new urbanism orsmart growth approach," says David Lindahl, housing andredevelopment authority manager for the city of Eden Prairie.

The site, which now serves as a surface parking lot for thetransit station, is located at Highway 5 and Prairie Center Drive,and is owned by the transit commission. North American Propertieshas agreed to buy and develop the site. The developer plans tosubmit plans for the project early next year, but construction willnot begin until after the transit commission builds a 900-car,6-level ramp that would serve both its customers and those who willshop and work at the new complex. That means construction on thetransit village will likely not begin until May 2002, Scottsays.

The residential portion will consist of four high-rise apartmentand condo buildings ringed by 32 townhomes, according to Scott. TheCity may be tapped to pay $15 million to $18 million in taxincrement financing to help build an 880-car ramp that would servethe residential complexes on the west end of the site. Poor soilcondition and dense development have made the ramp especiallyexpensive, and the City is likely to share some of that cost,Lindahl says. A 10,000-sf restaurant called the Pickled Parrotrecently opened on the site, and the project would accommodate thatrestaurant in its plans.