The vision of a new Eden Prairie Town Center just took another step forward recently when Solomon Real Estate announced plans to redevelop 5.5 acres across from Eden Prairie Center along Flying Cloud Drive.

Solomon will be seeking approximately $4.5 million in tax increment financing for this future, mixed-use development project.

“The city really sees this as the phase I Town Center area,” said community development director Janet Jeremiah.

The project will feature: a five-story building that includes a first floor containing 20,000 square feet of retail space, four upper floors of 100,000 square feet of class A office space, and room for two restaurant anchors. The project will include a parking ramp that could be expanded in anticipation of the future development space if Wal-Mart vacates its spot.

“I just think the quality of the location and quality of the users that will be a part of this will really be a good stimulus to kick off the future phases,” said Solomon Principal Jay Scott of the $50 million dollar kickoff to EP’s new Town Center.

Scott said there was about 12 months of planning and looking at assembling different properties that could “potentially house such a project.”

“We’ve done a number of projects in Eden Prairie, so we’ve got a good kind of understanding of the market, of the city and what their expectations are, what they’re looking for,” he said.

To read a complete version of this story, pick up Thursday's print edition of the Eden Prairie News.