The Flats at Malcolm Yards: New affordable housing development breaks ground in Malcolm Yards neighborhood
Affordable building is the latest development in new mixed-use community near the University of Minnesota
MINNEAPOLIS, Minn. — Lupe Development Partners and Wall Companies broke ground today on the latest development in the Malcolm Yards community: The Flats at Malcolm Yards, a 143-unit affordable apartment building. The Flats at Malcolm Yards project is part of a larger development which includes: The Market at Malcolm Yards, an urban food hall; and Malcolm Station Apartments, a market rate, multifamily housing project with seven stories and 8,500 square feet of commercial space. The affordable building realizes the vision for this mixed-use and mixed-income community near the University of Minnesota.
“Since the beginning of my first term, affordable housing has been a top priority,” said Minneapolis Mayor Jacob Frey. “Having a safe place to call home is a basic human right and something that every person in our community needs to have. The Flats at Malcolm Yards is an extraordinary example of how affordable housing can be thoughtfully integrated into major mixed-use developments. This will be lifechanging for families and individuals in our community, including those experiencing long-term homelessness.”
The Flats at Malcolm Yards is located at 505 Malcolm Ave. near the Green Line LRT that connects Minneapolis and St. Paul, several bus routes, and near the University of Minnesota transitway. The project will include 143 affordable housing units, including 16 units for previously homeless individuals.
“A special thank you to everyone who helped put together this remarkable project. After 10 years of visioning and planning, we finally get to see it all come together,” said John Wall, president, Wall Companies. “This project is very important to me because of the positive impact it leaves on the community. We will continue to invest in Malcolm Yards until we realize the full potential of this prime urban location.”
The development will include a mix of studio, one- and two-bedroom units. The Flats is a 100% affordable housing project with all units affordable at 60% average median income (AMI) or less. The project will have one level of underground parking, as well as a fitness and business center, coffee bar, and a sky lounge with views of the Minneapolis skyline.
The Flats at Malcolm Yards received generous funding support from the City of Minneapolis Affordable Housing Trust Fund, Hennepin County’s Affordable Housing Incentive Fund, Transit Oriented Development Program, and Environmental Response Fund and the Minnesota Department of Employment and Economic Development Redevelopment Grant Fund. Other investors include Allianz Life Insurance Company of North America (Allianz Life) and R4 Capital. R4 Capital Funding is the tax-exempt lender.
Construction is expected to be completed in 2023.
About Wall Companies
Wall Companies has a long history of development in the Twin Cities. For nearly 60 years, the company has developed hundreds of residential units, and more than two million square feet of retail, office, and industrial property. Wall Companies is committed to developing diverse neighborhoods and sustainable buildings that enhance the lifestyles of those who live in them, while preserving community and quality.
About Lupe Development Partners
Lupe Development Partners is a Minneapolis-based, women-owned enterprise that plans, develops and manages residential and mixed-use real estate in the Twin Cities urban core. Since 1989 the company has developed, owned and/or renovated more than 1,200 apartment or condominium units and more than 1 million square feet of retail, residential and industrial property. Lupe Development Partners has recently completed several affordable housing projects, including Broadway Flats and Mill City Quarter in Minneapolis and East Side Apartments in Saint Paul.