No, 2040 is not yet approved by Met Council, but developers carry on like it is

Developers suggest 24 stories in a neighborhood designated for 2-10 stories in the 2040 Plan. Looks like they know 2040 is just a "guide" and they are marketing it for more than double what as-yet-unapproved new zoning allows. They would not market it this way if they did not have total confidence that city hall will blow away existing or new zoning in the name of density.

Except below from Southwest Journal - Michelle Bruch - March 19, 2019 -

After decades at Franklin & Lyndale, Vision Loss Resources plans to sell site

A predevelopment study by Cushman & Wakefield suggests the two-acre site could hold a 24-story building with 350 housing units and enclosed parking. A concept designed by ESG Architects shows a three-story building along Lyndale Avenue with a tall structure rising next to the highway.

“The pursuit of a project like this for a developer is a big deal, it takes a lot of resources,” said John Breitinger, executive director at Cushman & Wakefield, who is working on the project with Director Jeremy Striffler. “So we wanted to do enough of the predevelopment work to give people in the development community confidence that something great could happen here.”

Target, CVS and Walgreens already have a presence nearby, he said, but the site could hold a similar large retailer or two smaller retail bays, perhaps up to 20,000 square feet.

“The truth is that the retail market is going through a very profound change, so we don’t really know what will be viable there,” he said. “It’s got everything going for it as a retail site, and we hope that will be the case.”

The L-shaped parcel for sale includes space home to Vision Loss Resources, Contract Production Services and DeafBlind Services Minnesota.

The site is zoned C2, a Neighborhood Corridor Commercial District where city guidelines allow four stories or 56 feet in height and a permit process to seek taller structures. Under the Minneapolis 2040 plan for growth currently under review by the Metropolitan Council, the site would allow buildings of 2-10 stories.

“It’s a terrific site. If somebody does do a concrete tower here, it will have wonderful views in all directions of the city lakes, downtown. It’s on the bikeway, it’s in a good pedestrian neighborhood,” Breitinger said.

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