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The City of Edina has approved a plan to build a seven-story apartment building with a restaurant on the site of the Perkins Restaurant off Highway 100. 

The Edina City Council last week gave the OK to the final plan after it granted preliminary approval to the plan over the summer. 

According to city documents, Rueter Walton plans to tear down the Perkins Restaurant and office building at 4917 Eden Ave. to build a seven-story building with a 3,700-square-foot restaurant on the first floor and a 196-unit apartment on the 2-acre site. 

Perkins is still open and serving customers, and is expected to continue to be open for several more months, with construction on the new building expected to begin in the second quarter of 2022, the Business Journal says.

Here's what the building will look like: 

The apartment building will include about 176 market-rate apartments and 20 units of affordable housing for those earning 50% of the area median income, city documents show. This will help Edina reach its goal of adding 1,804 affordable housing units by 2030.

The proposal would also include a below-ground parking garage with 227 stalls, as well as at least 29 parking spots in a surface-level parking lot.

The City Council approved rezoning and the redevelopment plan for the site, as well as creating a new tax increment financing (TIF) district. TIF districts enable the city to use growth in the property tax base to fund private investment and public infrastructure.

City documents show without money from the city, the developer wouldn't be able to build the project. Rueter Walton asked for $5.1 million over 15 years to make the $80-plus million redevelopment project financially viable. 

The developer will use the TIF money to fill its budget gap and make improvements to the surrounding area, including roadways, stormwater conditions and sidewalks.

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