The Thor Companies headquarters is nearing completion.
The 92,000 square foot, $36 million project at the corner of Penn and Plymouth Avenues North is transforming the landscape of North Minneapolis. Opening in July with full occupancy, the building will be home to Thor Companies and house offices for the Target Corporation, Hennepin County, Meda, Build Wealth MN, a second location for Sammy’s Avenue Eatery, an art gallery and a fitness facility. The structure also has parking for more than 600 vehicles.
“We wanted to do something meaningful for the community and the entire Minneapolis landscape,” said Ravi Norman, Thor Companies CEO. “We’re going to have six African-American CEOs in one building.”
While Thor has worked on major projects throughout the nation including U.S. Bank Stadium, and TCF Bank Stadium in Minneapolis and T-Mobile Arena in Las Vegas and has a AAA credit rating, D’angelos Svenkeson, vice president of Thor Development, said because of the desire to build in North Minneapolis, Thor faced financing challenges.
“Even with AAA credit, still some of our national banks adversely priced the project,” said Svenkeson. “Without local bank support this project wouldn’t have gotten done.
The site of the new building sat as a vacant lot for nearly 25 years.