A groundbreaking ceremony Wednesday morning in Malvern will mark the start of a $5.5 million apartment complex meant to loosen a rental market so tight that existing units in town are already full. The Charles E. Lakin Foundation is set to break ground on Florence Apartments, a 24-unit development, at 10 a.m. at 902 2nd Avenue.
The project will rise on the site of an old trailer park across from the Lakin Daycare Center, according to KMAland.com, which reports the foundation is serving as the project's developer, owner and equity investor. Malvern currently has demand for quality rental housing that has outpaced supply, with existing units fully occupied, a dynamic the new complex is designed to address.
Three Buildings, 24 Units, a Mix of Floor Plans
Florence Apartments will include three two-story buildings of eight units each, split between 12 one-bedroom and 12 two-bedroom apartments, according to The Opinion-Tribune. The complex is designed for young professionals, newcomers and working families, with units featuring modern finishes, quality appliances, in-unit laundry hookups, secure building access and off-street parking. Two detached garage buildings with a combined 14 enclosed stalls are also planned for the site.
Energy efficiency is built into the plans as well, with high-efficiency heating and cooling, enhanced insulation, energy-efficient windows and LED lighting throughout the buildings. MidAmerican Energy is providing its commercial new construction program for the project, and those features are intended to improve energy performance and help lower residents' utility costs.
First Workforce Housing Tax Credit in Mills County
The project landed a $720,000 Workforce Housing Tax Credit Program award for fiscal year 2027, which the Opinion-Tribune's reporting identifies as the first such award made in Mills County. Debi Durham, director of the Iowa Economic Development Authority and Iowa Finance Authority, plans to attend Wednesday's groundbreaking ceremony.
Statewide, the tax credit program is in high demand. The Iowa Economic Development Authority reported receiving 117 applications requesting $72.6 million in credits for fiscal 2027, against just $40 million available, with $22.6 million of that reserved for projects in the state's 88 least-populated counties, per the Iowa Economic Development Authority.
Foundation Vice President Points to Long-Term Vitality
John L. Hoich, vice president of the Charles E. Lakin Foundation, said Florence Apartments addresses rental demand and supports the community's long-term vitality. Hoich also told KMA News the $5.5 million project will help meet the demand for quality housing in the community, adding of the former trailer park site, “It's going to be gorgeous where the old trailer park was across from the Lakin Daycare (Center).”
Project partners believe the development will connect residents to jobs, services and amenities not just in Malvern but in Glenwood, Council Bluffs and the greater Omaha metropolitan area. Leasing is expected to begin in late 2027, with construction expected to wrap up in early 2028.
Part of a Broader Regional Push
The Malvern project fits into a much larger pattern of giving by the Lakin Foundation, which has donated $165 million to fund community projects in 51 cities throughout southwest Iowa, according to the Iowa Capital Dispatch. That reporting found housing and child care were mentioned consistently as a need across the region the foundation serves.
In nearby Atlantic, the foundation has pledged $23 million to support local projects, including backing for Vision Atlantic's plan to build a 144-unit housing development with integrated walking trails. Malvern's Florence Apartments represents a smaller but similarly targeted bet on rental housing as a lever for keeping small Iowa towns viable.
