Excelsior is a city in Hennepin County, Minnesota, United States. Excelsior's historic commercial district along Water Street is listed on …Excelsior is a city in Hennepin County, Minnesota, United States. Excelsior's historic commercial district along Water Street is listed on the National Register of Historic Places, and the town has many Victorian-era houses. On Lake Minnetonka's southern shore, the community serves as a local tourism destination for shoppers, boaters, and restaurant-goers.