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North Minneapolis corridor undergoes major revitalization

A $36 million investment in North Minneapolis' Near North neighborhood is considered the community's largest private investment in a half-century.

MINNEAPOLIS - For at least a quarter-century, the southeast corner of Penn and Plymouth sat vacant in the heart of the Near North neighborhood.

But now there's a building on that property that will make your head turn: A four-story, 92,000-square-foot palace named the Regional Acceleration Center, developed by THOR Companies at a price tag of roughly $36 million.

The building will house the headquarters for THOR — a real estate management company and the largest minority-owned business in the state — in addition to providing space for the corporate giant Target, the Metropolitan Economic Development Association, Hennepin County and other retail and restaurant owners. The project is considered one of the largest commercial investments in decades for Near North, which has deep and historic ties to the city's African-American community.

"It's almost surreal," THOR Chairman Richard Copeland said. "But it's just the beginning. We think that over the next years and decades, we'll see a transformation of the North Side."

Copeland founded THOR Construction in 1980, back when he was simply performing odd jobs around this same neighborhood in his pickup truck. Nearly 38 years later, THOR's headquarters now occupy the third floor of the new building as tenants prepare for a Sept. 14 official grand opening. The entire building will generate at least 300 jobs at first, representing a significant boost to the surrounding neighborhoods.

Ravi Norman, the CEO of THOR Companies and the chair-elect of the Minneapolis Regional Chamber, said the investment in North Minneapolis is part of a larger regional strategy to tap into underutilized communities, particularly those with large minority populations such as North Minneapolis.

"We want people to feel a sense of hope, and through that hope we want people to feel like there's something actually intentionally being done," Norman said, "so that hope can yield effort which yields trust."

Including THOR, there are now four minority-led businesses at the corner of Penn and Plymouth. The Minneapolis Urban League has anchored the northeast corner for many years, and Estes Funeral Chapel will be moving from the northwest corner to a new building on the southwest corner.

The funeral home's move will make room for a major expansion project at the adjacent NorthPoint Health and Wellness Center, a $67 million investment that aims to improve access to health and wellness services for the nearby community. The expansion on both the south and north ends of the current NorthPoint building will begin in 2019; NorthPoint is also occupying space and parking spots in the new THOR building across the street.

Sara Lueben, the community engagement coordinator for NorthPoint, said all of the recent development at Penn and Plymouth stands as proof that North Minneapolis is an underrated economic gem that deserves more attention.

"I think it's important people are aware that North Minneapolis already has resource and strengths," Lueben said. "I hope the community that is already here is really brought to the top."

Copeland feels this revitalization on a deeply personal level. He grew up in this neighborhood and still lives here in Heritage Park, which his company developed.

He takes pride in being able to walk to work— on the very same streets he cruised in his pickup as an odd-job construction worker back in 1980.

"We have hope for the future," Copeland said. "We think we can be a catalyst to help other firms realize the assets here on the Near North side, and we want to play our part and take our place in history."

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