Britt Johnsen | Minneapolis/St. Paul Business Journal
Apr 5, 2018, 11:06am CDT Updated: Apr 5, 2018, 2:20pm CDT
THOR CONSTRUCTION INC.
MEDA has signed a seven-year lease to become a tenant in the new $36 million Thor Cos. headquarters at Plymouth Avenue North and Penn Avenue in Minneapolis, pictured in this rendering.
The Metropolitan Economic Development Association is selling the building it’s called home for 20 years and will move to North Minneapolis this summer.
MEDA has signed a seven-year lease to become a tenant in the new $36 million Thor Cos. headquarters at Plymouth Avenue North and Penn Avenue. The site, in the works since 2016, is set to open this spring.
MEDA, which provides consulting and loans to minority-owned businesses, will move there in July.
The new location will double its office space from 7,500 to 15,000 square feet. MEDA President and CEO Gary Cunningham said it needs the extra room.
MEDA works with about 700 people per year, a 45 percent increase over the past three years, he said. Its loan fund has grown in the past three-and-a-half years from $5 million to $18 million. And it has hired 15 more employees in the past two years, bringing its total employee count to 35.
“We really need this space,” he said.
This is a major move for the nonprofit. Cunningham said it has been in its existing office space — a suite on the ground level of The Crossings condominium building in downtown Minneapolis — for more than 20 years. MEDA owns the space and is looking for someone to buy it; the list price is $699,000.
Cunningham hopes the move will position the nonprofit for continued growth as more minorities start businesses.
“We still can’t keep up with the demand for minority businesses seeking our services,” he said.
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