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.

“The vitality of Minneapolis is dependent upon every person in our community having access to a safe home that they can afford,” said Minneapolis Mayor Jacob Frey. “The Flats at Malcolm Yards is a great affordable housing option that will bring vibrancy to this once abandoned area. This burgeoning neighborhood with access to transit, green space and cultural amenities will benefit all of Minneapolis.”

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.

“We are excited to be a part of this monumental project taking place in the Malcolm Yards neighborhood. Affordable housing is a critical part of the fabric of our communities. Together, each of these projects help bolster the livelihood of the neighborhood and well-being of the people who live here,” said Todd Hedtke, Allianz Life chief investment officer, an investor in the project. The project’s Low-Income Housing Tax Credit investor is R4 Capital and R4 Capital Funding is the tax-exempt lender.

The Flats at Malcolm Yards received generous funding support from the City of Minneapolis Affordable Housing Trust Fund and the Minnesota Department of Employment and Economic Development as well as Hennepin County’s Affordable Housing Incentive Fund, Transit Oriented Development Program, and Environmental Response Fund.

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.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® and 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 2021, Allianz Life provided additional value to its policyholders via distributions of more than $10.6 billion. As a leading provider of fixed index annuities, 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.

###