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Council takes first-step on Terrazza PUD; TIF establishment set for Feb. 18 public decision
Summary
Council held a public hearing on a proposed tax-increment financing (TIF) district for the Terrazza redevelopment at 5401 Gamble Drive, approved first reading of the planned unit development (PUD) ordinance and tabled related special-permit and shared-parking actions until Feb. 18.
The St. Louis Park City Council held a public hearing on a proposed tax-increment financing district tied to a mixed-use redevelopment called “Terrazza” at 5401 Gamble Drive and approved first reading of a planned unit development ordinance for the site, while tabling final action on related special-permit and shared-parking requests until the council’s Feb. 18 meeting.
The Terrazza proposal would replace an underused office building at the southeast corner of Park Place Boulevard and Gamble Drive with a six‑story, mixed‑use building. Greg Hunt, the city’s economic development manager, said the developer has estimated the redevelopment value at $91,700,000 and described the project as transit‑oriented and “mixed income.” The proposal includes 223 dwelling units and about 21,000 square feet of ground‑floor commercial space; 45…
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