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City officials and a development team led by the owners of the Shoreview Corporate Center in suburban Ramsey County this month reached agreement on the redevelopment of a vacant building in the business park into market-rate apartments.

St. Louis Park-based Eagle Ridge Partners, which purchased the one-time Deluxe Corp. headquarters in 2015, teamed with apartment developer Greco LLC to propose razing one of the campus’ five commercial buildings. In its place would be a pair of still unnamed five-story apartment complexes, each with about 202 units and underground parking.

The current building at 1005 Gramsie Road was constructed in 1982 and occupied by Deluxe until 2004, then by Medtronic Corp. until 2007. Since then, the 160,000-square-foot structure has been vacant.

The Shoreview City Council on April 5 approved final development plans as well as a $12.8 million tax increment financing package for the apartments, which are to be built in two phases. Under the agreement, the first phase is to begin construction no later than Oct. 1 and be completed by March 2019. A total of 24 apartments within the two phases are earmarked to be affordable to renters with incomes below the area median.

The project reflects both a shift by residential developers to suburbs now underserved by new apartment options and a move to convert underutilized office parks.

Address: 1005 Gramsie Road, Shoreview
Type: Rental apartments
Units: Approximately 404
Developer: Greco Ridge LLC
Architect: BKV Group