MINNEAPOLIS (FOX 9) - Wednesday marked the grand opening of the first phase of a new $80 million middle class housing development in north Minneapolis.
More than 100 market-rate apartment units are opening in north Minneapolis as part of a new project called Satori Village. The project could serve as a model for other developments around the country.
Over the last 15 years, the area has had 400 units of affordable housing but zero market-rate housing options. Developer and former Vikings player Tim Baylor realized that was stunting business growth.
"We noted that there was no investment in this area. And the only investment that was taking place was for affordable housing and nonprofit organizations and things that we're not really generating to the economic vitality of the community," said Baylor, the founder of JADT Development Group.
Baylor set out to change that by developing 112 market-rate apartments at West Broadway and Bryant Avenue. The building is right next to Cub Foods. The Satori Boutique Apartments are the first phase of a public-private project.
The hope is that by expanding the community's tax base, it will bring economic and social diversity to north Minneapolis without displacing families. Baylor said his vision for the project actually started almost 30 years ago.
"I had a politician once ask me what we needed in this community. And after some thought, I said, ‘I need to do the same thing that you have in your community.' Goods and services, restaurants. I mean, there's not a UPS store around here. There's not a dry cleaner," Baylor said.
Future phases of the project include workforce housing and senior apartments. Construction on those units is scheduled to start next spring.