May 28, 2021 - News
Minneapolis subsidizes market-rate housing at West Broadway development
Minneapolis will provide $3.9 million in tax-increment financing for developer Tim Baylor's Satori Village project on the 800 block of West Broadway Avenue.
Why it matters: It's a rare move for the city council to subsidize market-rate housing.
- Baylor, a former Vikings player, said previously that too much low-income housing has been concentrated in North Minneapolis, arguing the area desperately needs a mix of incomes.
- 80% of the project's 112 housing units will be market rate.
The state of play: The $60 million project is part of a $125 million boom in construction on West Broadway, which is still rebuilding from last summer's unrest, when nearly 100 businesses were damaged and nine were destroyed.
- The corridor's cultural hub, the Capri Theater, recently completed a $12.5 million renovation and expansion and will reopen in October.
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