Satori Village, Tim Baylor’s $68 million mixed-use housing/retail development, held groundbreaking ceremonies for its Phase One Boutique Apartments building on Thursday, May 12. The development brings 112 market-rate apartment units and additional street-level retail space to West Broadway Avenue and Bryant Avenue in North Minneapolis.
Minneapolis Mayor Jacob Frey, David Mortenson, chairman of Minneapolis-based Mortenson, and Kristian Peterson, managing partner, Salt Lake City-based Catalyst Opportunity Funds, Sen. Bobby Joe Champion and others joined the Baylors during the official launch of the construction activity.
“The $68 million investment reflects three different phases that we are planning. The first phase is currently under construction. The second phase is an artist loft on Broadway. The third phase is on Bryant Avenue – a 78-unit independent seniors building. We’ve been working on this vision for almost eight years now,” Baylor said.
“My wife Doris and I have read about this community for the past 25 years. We moved here. We did a development on the river we live in now. We have businesses here. This is where we hang out. A community is made up of all types of talent: educators, pastors and religious, activists and socially engaged people like Al Flowers, and we meet and work with all of these neighbors and stakeholders.
“My expertise and my interest are in real estate and real estate development. My vision for the evolution of the community is to incorporate the components that I believe will contribute to a healthier North Minneapolis,” Baylor said.
“There has been no market-priced housing in North Minneapolis for the past 13 years, but more than 350 affordable housing. I argue that we cannot continue to concentrate poverty in one area. So while I know affordable housing is needed across the metro area, across the city, across the state, let’s spread it around some,” he said. “Conversely, because we need more housing options here, because there are people who want to stay and move to North Minneapolis, but they want that quality housing option, that was my call to action, to see what I can do to provide that. ”
Baylor said after several years of working with the Minneapolis City Council and the Community Planning and Economic Development (CPED) Department and investors, the first phase is underway, with a development cost of $34 million. .
“That’s a big number for North Minneapolis, for this type of product, but in the real estate world, that’s normal. That’s basically what I said. Let’s bring to North Minneapolis what all other communities have, on par with the course,” he said.
The six-story Satori Boutiques Apartments building features 112 units, many with downtown skyline views, 82 street and underground parking spaces, 3,300 square feet of commercial and retail space at the street level, a fitness center, event space and state-of-the-art security. There are 30 alcoves (studios), 46 one-bedroom apartments and 36 two-bedroom apartments in the complex. Architecturally designed to be bold, sleek and beautiful, the boutiques offer new options for young professionals thriving in the busy life of an urban environment. Key features include surrounding green space and access to grocery, pharmacy and other retail options within easy walking distance, Baylor said.
Baylor said, “Broadway has a lot of vacant land and a lot of underutilized land. Part of the city plan is to add more density along Broadway with not just businesses, but residents for several reasons. First, more eyes on the street equals more eyes on the street. So there is a perception of safety to have more people around. The other incentive for the city is that it increases the tax base. When you go around other parts of the city, you see the density on these main thoroughfares.
Satori Lofts will be a three-story building just off West Broadway with floor-to-ceiling one-bedroom units and 9 parking spaces — and stunning city skyline views. There will be 1,161 square feet of commercial office space available at street level. Architectural details are designed to provide a look that integrates with the architecture of the surrounding building and is culturally appropriate, Baylor says.
“This building has what I call micro-units. They are 400 to 600 square feet. studios or what we call alcoves. An alcove unit is really a bedroom, but the wall doesn’t go all the way to the ceiling. It’s kind of like a partition, but it’s still a separate room. So it’s the high ceilings, the floor-to-ceiling windows, and it’s kind of a product that students, young people, and new workers, including young professionals just starting out, would prefer: a smaller space in an area close to transportation in common and which has all the conveniences of a healthy community, a grocery store, a McDonald’s and other businesses.
The Phase Three Satori Senior Living building will offer 60 free-standing living units facing an attractive green space courtyard on Bryant Avenue, just off West Broadway. Long-time residents who want to stay in the community when they “downsize” can now take advantage of easy access to grocery and pharmacy options as well as other retail stores, most within walking distance , explains Baylor.
“My real estate concept is to ask, where is the best location for this business or property to have the most impact? We say let that sunshine drop in this community and see what we can shine Rather than doing one project, we decided to phase it in so that we could have economies of scale and start turning the needle towards the community, bringing healthier businesses and activities,” said said Baylor.
Minneapolis-based LSE Architects is the lead architect for Satori Village, and Doran Companies, based in Bloomington, Minn., is the general contractor.
For more information about Satori Village, including contact information for potential investors, visit JADT’s website at www.jadtdevelopmentgroup.com.