Bank of America’s Midwestern headquarters will become home to a $1 billion, 6,000-foot-tall tower in 2019, the bank said on Tuesday.
The bank has leased the former Bank of Commerce Building on North Main Street in Minneapolis to the company, which plans to make the tower the first of its kind in the United States.
It will be built to its standards and will provide the bank with more than 4,000 square feet of office space, including the bank’s new headquarters.
BofA Chief Financial Officer Paul Smith said the bank is focused on expanding the region’s retail and hospitality industry, which accounts for about 15% of its gross domestic product.
“We’re committed to serving the Midwest and this project will expand our footprint in that region,” Smith said.
Banks across the country are building new buildings to capitalize on a rapidly growing market for financial services and the region will likely see more such developments, said Jeff Ragan, director of research at the Center for Economic and Policy Research.
Bocoup’s plans to build the Midwestern building were approved by the city’s planning commission.
The project is being funded with a $7.5 million grant from the Metropolitan Council, which includes Minneapolis and St. Paul.
Boca Raton-based BofA has about $2.2 trillion in assets under management and plans to add more than 1,000 new offices and other buildings over the next decade.