Published December 1, 1998 | December 1998 issue
Developed from 1985 to 1988, Edinborough exemplifies a large-scale mixed-use project containing office and hotel components, an indoor city park, moderately priced condominiums and high-rise senior housing. The $53 million project is situated on 23.6 acres in Edina, a first-ring suburb of Minneapolis.
Edinborough has five distinct elements:
The Edina Housing and Redevelopment Authority acquired the land for the condominiums and installed infrastructure and amenities including utilities, landscaping and surface parking. The land was conveyed to the East Edina Housing Foundation at no cost as part of an agreement with Laukka Development Company to build and sell the condominiums at no more than a 25 percent gross margin. Half of the condominium residents also received low-interest second mortgages of up to $14,000 per unit from the foundation, which are to be repaid upon resale. The senior housing was financed partially by tax-exempt revenue bonds. The FHA provided mortgage insurance for the senior housing; in exchange, 20 percent of the units were designated as low-income housing.
Edinborough and its sister development, Centennial Lakes, demonstrate that thorough planning and a strong public-private collaboration can result in attractive mixed-use environments.
Larry Laukka, whose views are featured in an interview in this issue, is president of L.A. Laukka Development Company in Edina, Minn.