August 17, 2023

The Flats at Malcolm Yards affordable housing project celebrates grand opening

Minneapolis Mayor Jacob Frey and project partners celebrated the grand opening of the new affordable housing development near University of Minnesota

 MINNEAPOLIS, Minn. — Lupe Development Partners and Wall Companies celebrated the grand opening of the latest development in the Malcolm Yards community: The Flats at Malcolm Yards, a 143-unit affordable apartment building. The Flats at Malcolm Yards is the latest piece of a mixed-use, mixed-income and intergenerational neighborhood emerging in Prospect Park, just steps from the University of Minnesota. Minneapolis Mayor Jacob Frey and project partners from Wall Companies, Lupe Development and Allianz Life Insurance Company or North America (Allianz Life) delivered remarks at the grand opening event.

“In Minneapolis, we know housing is a fundamental right – and we’re working hard to ensure everyone in our community has a safe, stable, and permanent place to call home,” said Minneapolis Mayor Jacob Frey. “Our city is investing historic amounts in affordable housing production – and The Flats at Malcom Yards is just another life-changing development we’re proud to support. When we invest in affordable housing, we invest in our community and the residents who live here. Thank you to Wall Companies, Lupe Development, and Allianz Life for their partnership in making this exciting project a reality.”

The development includes a mix of studio, one- and two-bedroom units. The Flats is a 100% affordable housing project with all units affordable at 60% area median income (AMI) or less. The project includes one level of underground parking below as well as a fitness center, business center and sky lounge with views of the Minneapolis skyline. Lupe Development and Wall Companies are also collaborating on a similar project in the Hiawatha neighborhood. The Flats at Malcolm Yards project is part of a larger development which includes: The Market at Malcolm Yards, an urban food hall, and The Station at Malcolm Yards, a seven-story, 210-unit market rate apartment project with 6,800 square feet of commercial space.

“Thank you to everyone who has come together to bring this remarkable project to life,” said John Wall, president, Wall Companies. “It means so much to see the positive impact this leaves on the community after a decade of visioning and planning. We plan to continue our investment in the Malcolm Yards neighborhood to help realize the full potential of this excellent space and community.”

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, Environmental Response Fund, and Minnesota Department of Employment and Economic Development Redevelopment Grant Fund. Other investors include Allianz Life and R4 Capital. R4 Capital Funding is the tax-exempt lender.

“Affordable housing is critical to reducing poverty and creating financial stability, and is key to reducing barriers to economic inclusion,” said Jasmine Jirele, president and CEO of Allianz Life. “Investing in The Flats at Malcolm Yards allows Allianz Life to help play a role in creating a bright and sustainable future for the Twin Cities community.”

The property is now available to lease for income-qualified residents. The property opened for occupancy in July.

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 Twin Cities-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 Lake Street Dwelling and Mill City Quarter in Minneapolis and East Side Apartments in Saint Paul.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America, one of the Ethisphere World’s Most Ethical Companies®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2022, Allianz Life provided additional value to its policyholders via distributions of more than $7.7 billion. As a leading provider of fixed index annuities, registered index-linked annuities, and fixed index universal life insurance, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

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