MINNEAPOLIS—Officials from THOR Cos. have said their decision to relocate their headquarters from a leafy suburb to the historically-disadvantaged community of North Minneapolis would help spark a revival. And they just took a big step toward that goal by securing an agreement from Target Corp. to anchor the retail space in the 92,000 square foot office building.

Earlier this week, THOR chairman Richard Copeland and chief executive officer Ravi Norman hosted a groundbreaking ceremony for along with Brian Cornell, chairman and chief executive officer at Target, Gov. Mark Dayton and US Rep. Keith Ellison.

“Through a strategic partnership with Target Corp., a leaseholder in the new building, this innovative project is poised to move forward, bringing hope and revitalization to a Twin Cities neighborhood that needs it the most,” says Norman.

“We couldn't be more proud to partner with THOR on this important project,” adds Cornell. “Target has long been committed to helping local communities and we believe it's our responsibility to help ensure our hometown continues to thrive. Through this unique partnership with THOR, we're helping to fuel opportunities in the North Minneapolis community for years to come.”

THOR, the largest black-owned business in MN, will develop, design, and build the project, and plans to finish by spring 2018. It will include a 620-stall parking facility.

Selecting this location was no accident. Copeland grew up in the neighborhood, and company officials have made it clear that choosing this location was meant to give a shot in the arm to a community that for years has seen little outside investment.

“Our goal is to anchor the Northside with a great building, but even more importantly, with value-added programming and services that build upon the assets that already exist,” says Norman, adding that bringing regional shared prosperity is at the core of THOR's business model. “Response to this project is just incredibly positive at every level, from the City of Minneapolis and Hennepin County, to civic and nonprofit leaders on the Northside. And now we have a community-minded private sector champion joining us as well in Target.”

“It's a dream come true to bring our success home to the Northside,” Copeland says.

THOR is not alone in its efforts to transform the neighborhood. The University of Minnesota established its Robert J. Jones Urban Outreach and Engagement Center just several blocks from the THOR project. Furthermore, THOR's work will be matched by a $66 million expansion of the adjacent NorthPoint Health & Wellness Center, a sign that the neighborhood may get a chance to benefit from the region's dense ecosystem of healthcare and life sciences firms.

City development analysts predict a ripple effect that will see an upturn in housing, along with subsequent neighborhood improvement projects, while also helping to connect North Minneapolis with the greater regional economy.

“As a successful company, THOR could go almost anywhere to build its corporate headquarters,” says Michael Noonan, senior administrative manager at the county's real estate division. “It's a real testament to the company that is chose to relocate to an area of the city in desperate need of a spark of revitalization.”

THOR, the largest black-owned business in MN, will develop, design, and build the project, and plans to finish by spring 2018. It will include a 620-stall parking facility.

“It's a dream come true to bring our success home to the Northside,” Copeland says.

Instant Insights /

Target to Help Transform N. Minneapolis Neighborhood

Related Stories

Recommended For You