Thrivent Financial unveiled drawings and detailed information about its new headquarters building, which will sit one block east of its current home in downtown Minneapolis, and disclosed that it has an agreement to develop housing and a hotel at the site as well.
The financial services company will construct an eight-story building on the block bounded by Fifth Avenue South, South Sixth Street, Portland Avenue and South Seventh Street, according to plans presented to the Downtown Minneapolis Neighborhood Association’s Land Use Committee on Tuesday night. The building will only take up about half the site, currently a surface parking lot, which is about 2.5 acres in all.
Sherman Associates of Minneapolis hopes to build “two-and-a-half” structures to the south, said Shane LaFave, director of multifamily development at Sherman. Plans call for a 150-unit apartment building to the west, a 120-key hotel to the east, and a smaller, two-level building on the inside with a daycare and fitness or business center of some kind.
The Sherman development and the new Thrivent building will share a drive and a courtyard area, both of which will fill out the interior of the block.
The proposed headquarters is a good deal smaller than Thrivent’s existing building at 625 Fourth Ave. S., a 37-year-old building that stands 17-stories high and covers 525,000 square feet in all. Executives present said each floor will cover about 30,000 square feet and sit atop two levels of below grade parking.
The stone and glass structure will have a number of distinctive amenities, said Bill Blanski of Minneapolis-based HGA Architects and Engineers, which did the design work. Those include a chapel and meditation room, a café and coffee shop, a terrace, a credit union, a skyway-level art gallery to display Thrivent’s collection, and a public plaza and pocket park. The block will be studded all around with evergreen trees.
Thrivent executives said that the company is in talks with local eateries like Rustica and D’Amico and Partners, and would prefer a boutique coffee shop to national brands.
“Our employees want a cool, hip coffee shop not a big box brand name,” said Kirsten Spreck, Thrivent’s vice president of real estate development.
If all goes well, Thrivent will break ground on the new HQ this summer, and wrap up construction in 24 months’ time. On that schedule, the company would move into the new building around 2020.
Sherman hopes to finish its portion of the site around the same time.
Thrivent’s old building will be repurposed by Hennepin County. In September 2017, the county commission voted in favor of a $55 million purchase agreement for the property.
Sherman’s project is one of two housing developments that have sprung out of Thrivent’s move. Thrivent is collaborating with a company called 625 Development on a mixed-use building immediately adjacent to its existing HQ. Those plans call for an eight-story, 107-unit apartment building that will wrap around a 773-stall, multistory parking deck with retail on the skyway level.
Thrivent’s media department said Wednesday that Roseville-based McGough will be the general contractor for the HQ project.