I'd go to Jimmy's in Minnetonka. Right off Shady Oak, north of 62. Def. a steakhouse, nice atmosphere, good service. It's busy, though, so you'll want reservations if you want to go on the weekend.
Close by, there's Kozy's in Edina and Wildfire in Eden Prairie, as well as Gianni's in Wayzata. But I like Jimmy's better than Kozy's and Wilfire, and whether Gianni's is close enough depends on where you are in Minnetonka.
You're in the land 'o chains out there, so I don't think there's much of note in the steak area. (Not that I would know - I only eat one steak a year, if that.) But would you settle for good seafood?
If so, there's a well-regarded place in Wayzata (the next suburb to the west) called the Blue Point Oyster Bar. I haven't eaten there myself (the plumbing was on the fritz the one time I trekked all the way out there), but they get great reviews.
There's also a nice little Turkish restaurant nearby, but it's not fancy - though it's no hole-in-the-wall, either - and I don't think there's any steak on the menu. Plus, the wine list is only so-so. But the food is really good. It's called the Istanbul Bistro.
Blue Point Restaurant & Bar
739 East Lake Street, Wayzata, MN 55391
15718 Wayzata Blvd, Wayzata, MN 55391