Pentagon Park District
This Redevelopment TIF District was established in 2014 as part of a public-private partnership between Edina and Hillcrest Development to revive the declining commercial properties formerly known as “Pentagon Park (PDF)." The TIF District includes 40-acres of privately owned land that is subdivided by West 77th Street. The TIF District is adjacent to the 40-acre Fred Richards Park. The redevelopment of the Hillcrest properties is anticipated to occur over a 10 to 15 year period as market conditions evolve.
The City entered into a Master Agreement with the Developer to potentially use up to $54 million of future property taxes to fund roadway improvements, structured parking and other qualified site improvements. These monies are limited to new property taxes generated by new privately-owned development on the site. This Master Agreement is only a pledge; any use of TIF monies will be decided on a case-by-case basis as the developer secures final approvals for each phase of the project.
The City entered into a Redevelopment Agreement with Solomon Real Estate and Hillcrest Development to redevelop 12 acres of vacant land on the south side of West 77th Street. The new project will include at least six new buildings - two hotels, two or three commercial buildings and structured parking. One or two office buildings are anticipated in the future. The site will also include a 1-acre central plaza and enhanced streetscape on all sides. The City pledged up to $18.1 million in TIF notes to reimburse the developers for eligible expenses after successful completion of each phase.
The City considered but did not approve new multi-family apartments on a portion of the north parcels. In 2019, the developer/property owner intends to rehabilitate the existing office building to serve new tenants.
- Pentagon Village TIF Agreement (PDF)
- Pentagon Village Overview (PDF)
- Pentagon Village TIF Amendment (PDF)
- Pentagon Park District Map (PDF)
- Annual Report (PDF)
- Tax Increment Financing (TIF) Plan (PDF)
- Summary of TIF Proposal (PDF)
- Pentagon Revival Master Redevelopment Agreement (PDF)
- Pentagon Revival TIF Concept Plan (PDF)
- Pentagon Revival - Zoning Summary Plans (PDF)