JADT Development will begin construction on Satori Village, a $60 million housing development that will bring up to 198 new units of rental housing to the area of West Broadway Avenue N. and Bryant Ave. N. in North Minneapolis, as soon as the spring of 2021
The address of the keystone building of Satori Village is 800 W. Broadway Ave. N.
The project will bring new market-quality housing to a part of the city – North Minneapolis – that needs it. The Northside absorbed more than 350 units of affordable housing during the past 10 years but saw no new market-quality multifamily development over that time, according to a 2020 report by Dougherty Mortgage (now Colliers Mortgage).
“Satori Village is a very well-located site for new market-quality housing, that will appeal to younger people and professionals living and working in downtown Minneapolis and other parts of the Twin Cities,” says Tim Baylor, chief executive officer of JADT Development Group.
The project has attracted investment from private and public sources, including local private investors, the U.S. Department of Housing and Urban Development and bridge funding provided by the Minneapolis office of the Local Initiatives Support Corporation, among others. JADT has also applied for tax increment financing (TIF) funding through the City of Minneapolis and Transit-Oriented Development (TOD) funding from Hennepin County.
The project’s site is in a federal Opportunity Zone, and there is a qualified opportunity zone fund in place for investors. It is also in an Empowerment Zone, Promise Neighborhood, Minneapolis Cultural District and within the boundaries of the city’s Minneapolis Forward program
“Our perspective is that North Minneapolis needs more than just one kind of new housing. We need more variety, including market-quality options to attract people of varying income levels to live in our community,” said Baylor.
Baylor wants to start construction on the Satori Boutique and Lofts buildings next spring, in hopes of opening the building in the summer of 2022. A third building, Satori Senior Living, is also planned.
Satori Boutique Apartments will feature 112 apartment units, 80 percent of which will be market-quality; 3,300 square feet of street-level office/retail space; and 82 below-ground parking stalls contained in a six-story building fronting West Broadway Avenue at 800 W, Broadway Ave. N. Tenant amenities will include a fitness room, club/party room and concierge service.
Satori Lofts will be a four-story, 26-unit apartment building (38 percent affordable), with 1,161 square feet of street-level retail space fronting W. Broadway to the east of the Boutique building. Satori Senior Living will deliver 60 units of independent senior living apartments on the next block over along Bryant Avenue.
The Minneapolis planning department has given the project a greenlight to proceed for the Boutique Apartments and the Lofts. Nearby neighborhood and business associations have endorsed it. JADT has chosen Doran Special Projects as the general construction contractor. Architectural plans, drawn up by Minneapolis-based LSE Architects, are in hand for all three phases of the Satori Village project.
Baylor has a long history of involvement in the Northside community as a resident, developer and business owner along W. Broadway. JADT developed the Riverview Townhomes, a 29-unit luxury residential community overlooking the Mississippi River near W. Broadway Avenue in North Minneapolis. JADT has also developed retail and residential properties throughout the Twin Cities.