Bridgewater Bank wants to move its headquarters from Bloomington to a corner in St. Louis Park where it failed last year to get city support to build a mixed-use complex with apartments.
Bridgewater Bank wants to move headquarters to St. Louis Park
Bloomington's Bridgewater is looking at St. Louis Park for its new headquarters.
January 6, 2018 at 4:07AM
The company proposes a four-story, 84,000-square-foot office building on the north corner of Excelsior Boulevard and Monterey Drive that would include Bridgewater offices, a new bank branch, retail and restaurant space and a public plaza.
According to city planning documents made available Friday, the development would feature large glass walls and multiple outdoor decks, as well as pedestrian and bike pathways.
"The site is designed for the pedestrian," city planners said in their summary.
City Council members are scheduled to discuss the plans during a study session Monday.
Most of the arrowhead-shaped property is owned by Bridgewater, which already operates a bank branch on the site. The city also owns a portion of the site that contains an existing grove of trees along Monterey Drive that the developers said it would need to use for the plans to proceed.
To make way for the new development, the one-story, multiple-retail building on the site would need to be demolished.
The submitted designs show the plaza taking up most of the corner abutting the streets, with the retail space oriented to run along Excelsior Boulevard. The office building with the bank branch on the first floor would be connected to the retail building and setback in the center of the property.
Developers have also proposed building a three-level parking garage with two levels underground.
Bridgewater Bank and Plymouth apartment developer Dominium tried for years to get city approval for a mixed-use development at the site that would have included a six-story building with about 150 residential units and retail space. However, neighbors balked, saying the project would increase traffic and city officials ultimately rejected the plan.
The height, setbacks and other designed features of the current development proposal were made to respond to concerns raised during the discussions of the previous project.
A traffic study on the site is still being finalized. Developers would also request tax increment financing to help with the costs of the development.
A representative from Bridgewater wasn't able to be reached Friday.
DJR Architecture, founded by principal Dean Dovolis, designed the proposed development.
Nicole Norfleet • 612-673-4495 Twitter: @nicolenorfleet
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