Partnerships Pave Way For $5.5 Million Apartment Development In Malvern

There’s another major construction project happening in Malvern.

Last week, community leaders broke ground on Florence Apartments, a $5.5 million, 24-unit multi-family rental development backed by the Charles E. Lakin Foundation.

The development is being built on land that once housed a trailer court at 902 2nd Ave., across the street from the Lakin Foundation Child Development Center of East Mills.

“This is exciting,” said John Hoich, Vice President of the Charles E. Lakin Foundation. “This is one of the initiatives that the Charles E. Lakin Foundation is doing to help revitalize southwest Iowa by bringing housing in in a different way. Versus houses, we’re doing it multi-family.”

Hoich noted the project is special because Malvern is the hometown of the development’s namesake – Florence Lakin.

Malvern Mayor Donna Miller said the project is just one more positive development for a community that continues to grow.

“We have a lot going on,” she said. “If you look just behind the child development center, we have a whole new housing development and this is going to add to that.

“Just think, 24 new families will be coming in and will be calling this home and will only make us better. This is just going to add to our beautiful city and be a good addition.”

Debi Durham, director of the Iowa Economic Development Authority and Iowa Finance Authority, said the state’s support through the workforce housing tax credit program has been instrumental in advancing the project. Durham said she came to Malvern to acknowledge the people who’ve worked behind the scenes to bring the project to fruition and to thank the Charles E. Lakin Foundation for its investment in southwest Iowa.

“The Lakin Foundation commitment reaches well beyond these 24 homes,” she said. “Across southwest Iowa, investment in housing and childcare help employers fill jobs, help families stay and keep the reasons to move home.”

Malvern Bank President Kate McGann said talks between the bank and Lakin Foundation began about four years ago to address the community’s housing needs.

“We recognized that the lack of available housing was making it difficult for our community to attract new residents and accommodate what we felt to be our growth potential,” said McGann.

McGann said the bank and foundation had a shared vision that culminated with last week’s groundbreaking.

“It’s a great example of what can happen when local property owners, community partners and financial institutions come together with a common goal,” she said.

Mills County Chamber Of Commerce Executive Director Gitzy Loder echoed the importance of collaboration.

“As a chamber, we believe that when businesses, community leaders and organizations work together, meaningful things happen,” Loder said.

The Florence Apartments project received a $720,000 award through the Iowa Economic Development Authority’s Workforce Housing Tax Credit program for fiscal year 2027 — the first Workforce Housing Tax Credit award ever made in Mills County.

The development will include three two-story buildings of eight units each: 12 one-bedroom and 12 two-bedroom apartments designed for residents at every stage of life, from young professionals and newcomers to working families. Leasing is expected to begin in late 2027, with construction expected to be completed in early 2028.