Aerospace engineering and manufacturing firm Ion Corp. will build a new factory in north Minneapolis in another shot in the arm for an underdeveloped area of the city.
Wendell Maddox, CEO of Ion, is a graduate of Minneapolis Central High School and said he wanted to invest in the area because he grew up there.
His company is partnering with RiverNorth Development Partners and will invest more than $30 million, Maddox said, to build the 113,000-square-foot manufacturing plant on the site of the former BJ's Liquor Lounge, another commercial building and a parking lot along W. Broadway.
Ion, started in 1984 and based in Eden Prairie, now has 80 employees. The factory will create another 110 jobs with a payroll of more than $10 million, the company said.
Plans call for breaking ground this fall with completion in the first quarter of 2025.
Ion has provided engineering services for the International Space Station and worked on satellites and communications systems for NASA. Boeing is another customer.
Lots of work has yet to be done, including securing financing, but Minneapolis Mayor Jacob Frey attended the kickoff event Friday and voiced support for the project in a neighborhood that has faced challenges drawing new investment.
"I think this project is so critical," Frey said.
Most recently, Chase Bank backed out of plans for a North Minneapolis branch as part of a new apartment project. That news came as Aldi closed its north Minneapolis grocery store in February, leaving only two full-service grocers on the North Side. Just 10 days later, Walgreens closed a nearby location.
Yet community developers have had some wins. Renewable Energy Partners recently opened a $2.5 million training center, and the Northside Economic Opportunity Network will open a $16.5 million commercial kitchen and food entrepreneur incubator this year.
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