The new headquarters in North Minneapolis that will house minority-owned Thor Companies and Meda, the nonprofit counselor and financier of minority business, will be called the “Regional Acceleration Center,” Thor Chairman Richard Copeland told associates this week.
The acronym for the regional accelerator, “RAC,” also happens to be Copeland's initials. He founded Thor as a laborer in 1980 and grew the developer-contractor to Minnesota’s largest minority-owned company with about 250 employees and revenue of about $275 million.
Copeland, 62, hosted the last meeting of the Super Bowl Host Committee at a luncheon in rough-finished first flor of the RAC, which will open in June.
The $36 million Thor headquarters, including office-and-retail space for tenants, is part of about $100 million in building projects planned or underway on the once-blighted corner of Plymouth and Penn avenues that will be a showcase of the economically upticking northside.
Thor CEO Ravi Norman, a one-time banker, and Chairman Richard Davis of U.S. Bancorp said the Plymouth-Penn projects will change the narrative on the economically lagging northside from one of “disparities” to shared prosperity.