This article was updated on April 1 to identify the name of the developer as Tim Baylor correctly.
The idea behind the Satori apartment complex in Near North Minneapolis was planted nearly 30 years ago when a former defensive back for the Minnesota Vikings was asked by a local politician what the economically struggling area needed.
The question got Tim Baylor, a former footballer-turned-business magnate who now owns nearly a dozen McDonald’s restaurants in the city in addition to Satori’s creator, JADT Development, thinking. His answer wasn’t something new but rather the same things that more prosperous communities had: access to regular goods and services such as restaurants, a dry cleaner and a place to ship packages.
The idea also extended to housing.
Near North Minneapolis has seen some new developments over the past 15 years, including 400 units of affordable housing, but there had been no construction with high-end amenities that would attract tenants who could provide a sustainable economic base Baylor believed the community lacked.
The Satori apartment project is the realization of Baylor’s vision to expand the economic vitality and social diversity of Near North Minneapolis without displacing current residents and families. The Class A development contains 112 units with premier amenities including a sundeck, recreation room, gated access, bike storage, and a fitness center.
Perhaps most importantly, the design also includes 3,000 square feet of first-floor retail space to bring in the very goods and services Baylor envisioned. The space is currently leased by a national bank that will provide financial literacy programming to tenants and the wider community in addition to its standard services.
Baylor hopes the development can serve as a model for further construction in Near North Minneapolis and communities across the country ready for revitalization. His efforts have earned Satori apartments selection as the winner of the 2024 CoStar Impact Award for multifamily development of the year for Minneapolis/St. Paul, as judged by a team of real estate professionals familiar with the market.
About the Project: Financing was completed through public/private partnerships including a transit-oriented development grant, tax increment financing with the city,
and funds from the U.S. Department of Housing and Urban Development. As a result, 20% of Satori’s units are priced below 50% of the area’s average median income. The remaining apartments are priced at 80% of the area’s median income.
What the Judges Said: “This is a neighborhood that is often ignored and was not a safe market play. I also think their leased retail component is really fantastic,” said Jackie Knight, president at Ackerberg.
They Made it Happen: Tim Baylor, JADT Development. Jeremy Keele, Kristian Peterson and Jim Sorenson, Catalyst Opportunity Funds. Brent Lindstrom, Doran Special Projects. Mohammed Lawal and Ian Simonson, LSE Architects. David Mortenson, Mortenson Companies. Doug Baker, E2SGpartners. Hilary Dvorak and Tiffany Glasper, Community Planning & Economic Development of Minneapolis. Jackie Cherryhomes, Cherryhomes Consulting. Kate Speed and Peter McLaughlin, Local Initiatives Support Corp., The Minnesota Department of Employment and Economic Development. Mike Bisanz, Tim Larkin and Cody Moss, Colliers International.