6/17/2014 10:14:43 AM
New $70 million office tower is largest commercial development in the history of downtown Duluth
ST. PAUL, MN - Today, Governor Mark Dayton, Mayor Don Ness, local officials, and area business leaders broke ground on a new $70 million office tower in downtown Duluth. The project, which will serve as the corporate headquarters for maurices - a Duluth-based international retail company - will create and retain 900 jobs and leverage $50 million in private investment. When complete, the 11-story office tower will house hundreds of maurices employees and represent the largest commercial development project in the history of downtown Duluth.
"This is a tremendous accomplishment for maurices, and a monumental investment in downtown Duluth," said Governor Dayton. "I thank maurices for its continued commitment to Minnesota, and for the many hundreds of jobs this project will create and support in the coming years."
Founded in 1931 as a small retail store in Duluth, maurices has grown into an international business operating over 900 stores across the United States and Canada. Over the last five years, maurices has grown significantly, opening more than 250 stores and increasing its sales by 65 percent. Between its Duluth headquarters and 45 store locations across Minnesota, maurices employs over 1,200 Minnesotans with a statewide annual payroll of $30 million.
As the company continues growing, maurices needed additional space to accommodate up to 600 associates. Right now, maurices employs 425 associates spread among three different office buildings in downtown Duluth. When completed in 2016, the new corporate headquarters will consolidate those employees into one space, and provide room for the company to keep growing.
Project Received $8.5 Million in State Funding
In 2012, the project received $8.5 million in a competitive economic development grant from the Minnesota Department of Employment and Economic Development (DEED). These competitive grants were funded by a $500 million Jobs Bill signed into law by Governor Dayton in May of 2012. DEED awarded the grants to economic development projects statewide based on five criteria, including: project readiness, job creation, potential to leverage additional public and private investment, regional impact, and public benefit. The maurices project was among the top three ranked projects out of 37 finalists.