The Pentagon Park Neighborhood of Edina sits on the south side of the 42 acre Fred Richards Park and Lake Edina Parkland, adjacent to South Cornelia and Lake Edina Neighborhoods, and consists solely of commercial office and industrial buildings. Currently, Pentagon Park is under redevelopment with a final value for improvements near $500,000,000. The City of Edina has approved a preliminary framework for redevelopment of the area, which calls for reconstruction of 77th Street, and a cluster of Class A commercial buildings where the current Pentagon Park complex stands today. The City has also asked the developer to consider adding residential development to future phases, which could be either rental units or ownership units of housing. The Nine Mile Creek Regional Trail comes directly through the Pentagon Park Neighborhood along the south side of Fred Richards Park. In addition, Fred Richards Park is under study and will become a multi-purpose park in the future, retaining most of the space for passive naturalistic park space with walking and biking paths.