Satori Apartments

Satori Apartments

Satori Apartments is a 112-unit affordable and workforce housing development in Minneapolis, MN, with roughly 3,300 SF of ground floor commercial space. It delivered in November 2023.

 

Satori Apartments is located in the Low- to Moderate-Income (LMI), historically Black neighborhood of North Minneapolis, which saw significant civil unrest following the murder of George Floyd. The developer, a longstanding member of the community, has planned the Apartments as Phase I of a larger, community-led redevelopment plan, aimed at revitalizing the neighborhood through inclusion, affordability and economic development.

OVERVIEW
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Revitalize an LMI, historically Black community, which experienced significant civil unrest following the murder of George Floyd
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Partner with Tim Baylor of JADT Development, an institutional-grade developer and long-standing member of the North Minneapolis community
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Respond to an acute need for local workforce housing options, allowing working professionals to remain in and build up their community
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Received subsidy from state, city and county, and secured a HUD loan providing 40-year fully amortizing terms at a low, fixed rate
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In the heart of North Minneapolis, a historically redlined and overlooked community, Satori Apartments marks the first non-public housing investment in 15 years.

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By offering market-quality housing at a mix of affordable price points, Satori Apartments is poised to deconcentrate poverty, bringing economic diversity and development to North Minneapolis without displacing residents.

At Catalyst, we’re often the first institutional investment group in decades to come into a community with market-rate capital to support revitalization from within. We believe in crossing the redline. This isn’t philanthropy; there’s a resounding and affirmative investment case driving our strategy.

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Catalyst

Kristian Peterson, Managing Partner

Satori Apartments Wins Multifamily Development of the Year in the 2024 CoStar Impact Awards for Minneapolis & St. Paul
Awards & Recognition

Satori Apartments Wins Multifamily Development of the Year in the 2024 CoStar Impact Awards for Minneapolis & St. Paul

2 MINUTE READ | March 27, 2024

The idea behind the Satori Apartments came to developer Tim Baylor nearly 30 years ago when he was asked what the community in Near North Minneapolis needed.

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112

new, class-A affordable & workforce housing units

100%

of units are priced affordably to households earning <80% AMI

20%

of units are deed-restricted and priced affordably to households earning <50% AMI
A Pattern of Imbalanced Housing In North Minneapolis

A pattern of imbalanced housing in North Minneapolis dates back to a “1950s decision by the City of Minneapolis to locate hundreds of new low-income family housing units on Minneapolis’ near northside.” In 1992, Legal Aid and the NAACP filed a lawsuit against the City and HUD, citing the intentional concentration of low-income, BIPOC families in Minneapolis’ northside. The resulting ruling found that the City and federal government agencies had segregated the community through the placement of public housing on the basis of race and income.

The ruling also created the landmark 1995 Hollman Consent Decree, which ordered the demolition and redevelopment of public housing, as well as other standards, to ensure fair and equitable housing in North Minneapolis. Despite the requirements of the decree, de facto segregation and redlining have persisted. In the last 15 years, North Minneapolis has seen the development of 400 units of public housing and 0 new housing options for other demographics.

Satori Apartments, phase one of a three-part “village” concept for community revitalization, delivered in November 2023, bringing 112 units of housing to North Minneapolis. The grand opening drew community-wide turnout, featuring heartfelt remarks from Minneapolis Mayor Jacob Frey and Minnesota State Senator Bobby Champion. Satori offers a robust mix of affordable and workforce affordable housing, with units targeting households making <50%-80% AMI.

By offering market quality housing at a mix of price points, Satori is poised to deconcentrate poverty, bringing economic diversity to North Minneapolis without displacing residents. The project expands North Minneapolis’ tax base, increases economic stability, attracts new businesses, boosts public safety through increased density, and allows Northsiders at all income levels to build their lives in North Minneapolis.

I was here when Tim Baylor [was one of] the only ones that believed enough in Broadway to invest. I came to this city in 1959. They redlined this area, they called it the ‘negro slums’… I’m grateful to my friend Tim Baylor and his family. I’m also grateful to you, Catalyst. You believed enough in Tim’s vision to support it when others were doing everything they could do to block it.

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BILL ENGLISH, North Minneapolis Activist, Elder & Retired Executive

DEVELOPER PARTNERS
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Tim Baylor
Minneapolis, MN

Tim Baylor is the founder and CEO of the JADT Companies. He founded JADT Development Group, LLC in 1985 and JADT Food Group, LLC in 1997. He has led numerous development projects in the Minneapolis area including land, retail, commercial, mixed use and housing projects. As a former Minneapolis Planning Commissioner and former Real Estate Representative for the McDonald’s Corporation, Tim has diverse and varied experience in the multifaceted real estate development process.

Catalyst Developer, Tim Baylor, Awarded 2024 Most Admired CEO in Twin Cities
Awards & Recognition

Catalyst Developer, Tim Baylor, Awarded 2024 Most Admired CEO in Twin Cities

5 MINUTE READ | September 23, 2024

“I like to develop property and real estate where it’s going to make a difference,” Baylor said of what drives him in business.

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Satori most closely aligns with the following SDGs and SDOH:

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End poverty in all its forms everywhere
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Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
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Make cities and human settlements inclusive, safe, resilient and sustainable
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Create neighborhoods and environments that promote health and safety
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Help people earn steady incomes that allow them to meet their health needs
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