A building project stalled by the abrupt 2018 bankruptcy of Thor Construction is back on track with new partners resuming construction of the south Minneapolis apartment building.
On Thursday, construction crews turned their attention to what has looked like an abandoned poured foundation and elevator shaft hole in the ground on the corner of Park and Franklin Avenues South.
Soon, the property — newly named Park & Franklin Lofts — is expected to become a four-story market-rate apartment building made of brick and wood.
Construction of the 35,000 square foot building is expected to be completed next summer and offer 73 units and 17 parking spaces.
Building owner Tashitaa Tufaa said the development should fill a need for moderately priced, family-oriented rental housing in the evolving south Minneapolis neighborhood. “The focus at Park & Franklin Lofts is to create attainable housing for people and their families who live and work in the city,” said Tufaa, who originally started the project back in 2017.
Weeks after construction started, it halted as the original contractor, the Black-owned Thor Construction left the project.
Thor abruptly filed for bankruptcy after failing to repay Sunrise Banks for $3.2 million in loans and leaving Target Corp. on the hook for $7 millions owed to Thor subcontractors who had helped remodel Target stores.
Today the apartment project is getting a second life, and allowing Tufaa, who is Black, to realize his long held dream of creating housing for other immigrants and Minnesotans like himself.
Corcoran-based Ebert Construction is the project’s new general contractor. Coulee Bank, St. Paul, is financing the build, while Edina-based McGlynn Partners LLC oversees project development.
Damaris Hollingsworth, with St. Louis Park-based Design by Melo is the project architect.
Despite Thor’s demise and ultimate delays, “I never gave up on the project, but I had to regroup and find a new project manager and construction partner,” said Tufaa, who also owns the school bus firm Metropolitan Transportation Network in Fridley.
Patrick McGlynn, principal at McGlynn Partners said his firm is determined to see the new project through.
“My job as the developer is to complete Tashitaa’s vision of creating more attainable housing in an area of the city that really needs more housing,” McGlynn said. “Also, this is a privately-financed project [so] we are showing that this type of project can be done without public financing.”
The project’s revival marks the second Thor project to win a second life in recent weeks.
One month ago, Target Corp. agreed to provide the headquarters space that Thor vacated inside the Regional Acceleration Center (RAC) in north Minneapolis to the adult-job training outfit Summit Academy OIC.
Target will charge Summit Academy no rent for the first three years and a discounted lease for the next two years. Target officials said the effort was a way to invest in north Minneapolis, to create highly coveted technology job training and internships to Black residents and to help neighbors in the region overcome social and racial inequities.