Chase Bank pulls out of north Minneapolis project

Chase Bank has terminated plans to put a bank branch inside the new Satori Boutique apartments being built on W. Broadway in north Minneapolis.

Plans submitted to the city of Minneapolis for variance requests showed the bank intended to have a significant footprint on the first floor of the five-story mixed-income apartment complex being built by former Vikings player and current real estate developer Tim Baylor and his family's JADT Development firm.

Chase officials on Wednesday declined to discuss what led to the change.

"We just don't go into airing details of any projects or negotiations and everything that goes into these decisions," said Chase spokesman Brian Hanover. "Once they are done and complete, then we talk a lot about them."

City officials from the planning department could not be reached for comment. The city's department of Community Planning and Economic Development had recommended that requests for a variance for an outside ATM at the Chase be denied.

Baylor said he is not sure why Chase changed its mind but doesn't expect to have difficulty finding a different tenant for the space.

"My real question to be answered from Chase is this: Given their $30 billion racial equity commitment, how can they abandon this community that needs so much?" said Baylor, who is Black.

Minneapolis City Council Member Jeremiah Ellison said Baylor has not made any complaints to the City Council about the change in plans.

"But I wish him luck in filling his commercial space," he said. "We need good commercial tenants on the North Side, and I'm absolutely willing to talk to the developer if he feels that he needs my support."

Chase's decision becomes public at the same time that Aldi's and Walgreens recently announced plans to close their stores in north Minneapolis, an economically challenged community that was hit hard during the 2020 riots.

Aldi's closed its 3120 Penn Ave. N. store on Sunday. A sign on the Walgreens at 627 W. Broadway says the location will shut for good Feb. 22.

Construction on the $68 million Satori Village complex began in May at the corner of W. Broadway and N. Bryant Avenue. State, city, corporate and community leaders attended the groundbreaking to celebrate the economic shot in the arm for the neighborhood.

Hanover said Chase has engaged in "an extremely rapid" expansion in the Twin Cities.

"We recently doubled down," Hanover said. "Last November, Chase announced it is accelerating its expansion into Minnesota, bringing the total number of branches in the Twin Cities metro area to more than 40 locations by 2025. That's 68 percent more than originally committed."

He noted that some of those 40 locations should include north Minneapolis, but declined to say where.