Request for Committee Action
A briefing memo explaining the purpose, background, and impact of the requested action.
Exclusive Development Rights to JADT Development Group: 1823 and 1839 Bryant Ave N (RCA-2022-00979)
ORIGINATING DEPARTMENT
To Committee(s)
| # | Committee Name | Meeting Date |
|---|---|---|
| 1 | Business, Inspections, Housing & Zoning Committee | October 25, 2022 |
Action Item(s)
| # | File Type | Subcategory | Item Description |
|---|---|---|---|
| 1 | Action | Development Project | Authorizing exclusive development rights to JADT Development Group, LLC, or an affiliated entity for two City-owned parcels located at 1823 and 1839 Bryant Avenue N for up to 12 months, with a possibility of a six-month administrative extension, for purposes of the Satori Senior Housing Project. |
Ward / Neighborhood / Address
| # | Ward | Neighborhood | Address |
|---|---|---|---|
| 1. | Ward 5 | Near-North | 1823 Bryant Avenue N, Minneapolis, MN |
| 2. | Ward 5 | Near-North | 1839 Bryant Avenue N, Minneapolis, MN |
Background Analysis
On July 2, 2021, the City Council approved the sale of three City-owned parcels to Satori Apartments I LLC (an affiliated entity of JADT Development Group, LLC) for Satori Boutique Apartments. This was the first phase of the three-phase Satori Apartments project located at West Broadway and Bryant Ave N. Phase I is now under construction, and the developer is assembling financing for Phases II and III of the project.
The Phase II project site (Satori Lofts) faces West Broadway and is already owned by the developer. The Phase III site (Satori Senior Housing) consists of five parcels: one is owned by the City (1839 Bryant Ave N), one is a Hennepin County tax-forfeit parcel (1823 Bryant) that is being transferred to the City for purposes of this project, and the remaining three parcels are owned or under purchase agreement by the developer. The Senior project is proposed to include 79 units, with 16 units affordable at 50% AMI or below.
The award of exclusive development rights provides time for the developer to take the following steps:
- Secure final construction financing commitments;
- Finalize construction plans in compliance with zoning requirements;
- Engage project partners for the development of housing; and
- Complete community engagement activities to identify community and site-specific issues and needs for the project.
CPED staff is recommending exclusive development rights for a period of 12 months, with the CPED Director having authority to extend development rights for an additional six months based on the developer’s progress and staff recommendation. Staff will work with the developer to develop a detailed schedule of milestones to complete and review before exclusive development rights are extended. Once due diligence items are complete, staff will return to the City Council for final approval of the land sale.