The Charles E. Lakin Foundation, Inc. will break ground on Florence Apartments, a $5.5 million development bringing 24 new rental homes to Malvern, where demand for quality rental housing has outpaced supply and existing units are fully occupied. The groundbreaking ceremony is set for 10 a.m. Wednesday, Nov. 4, at 902 2nd Avenue in Malvern. Debi Durham, Director of the Iowa Economic Development Authority and Iowa Finance
Authority, currently plans to attend and join local leaders, project partners and community members in marking the start of construction.
John L. Hoich, Vice-President of the Charles E. Lakin Foundation said, “Malvern is a community people want to call home, and right now there just aren’t enough places to rent. Florence Apartments is the Foundation’s investment in meeting that demand and in the long-term vitality of this community.”
The 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
complete in early 2028.
Planned features include modern finishes, quality appliances, in-unit laundry hookups, secure
building access and off-street parking, plus two detached garage buildings with 14 enclosed stalls.
Through MidAmerican Energy’s Commercial New Construction program, the apartments will also
include high-efficiency heating and cooling, enhanced insulation, energy-efficient windows and
LED lighting to improve energy performance and help lower residents’ utility costs.
Located along Highway 34 with easy access to Interstate 29, Florence Apartments will connect
residents to jobs, services and amenities in Malvern, Glenwood, Council Bluffs and the greater
Omaha metro. The project also gives new life to an underused property in an established neighborhood. The
Foundation purchased the former manufactured home park in 2024 and cleared the site.
The development is named for Florence (Swoboda) Lakin, who grew up in Malvern before
marrying Charles E. Lakin of Emerson, Iowa. The name continues the Foundation’s tradition of
honoring Florence in her hometown, following the Lakin Foundation Child Development Center of
East Mills, located directly across the street from the new apartments.
Florence Apartments is a separate investment from the Foundation’s broader Revitalize Southwest
Iowa Initiative, through which it has committed approximately $165 million to projects in more
than 50 Southwest Iowa communities.
The Charles E. Lakin Foundation is serving as developer, owner and equity investor. Manzitto is
the general contractor, and Malvern Bank is providing construction financing. The City of Malvern
supported the project through a formal Resolution of Support, the community input process, and
coordination of permitting and utility services. The Iowa Economic Development Authority
provided critical support through its Workforce Housing Tax Credit award.
Kate McGann, President of Malvern Bank said, “The addition of new apartments in Malvern is another exciting step forward for our community. Continued investment in housing is essential to supporting growth, attracting new residents, and providing opportunities for people to live, work, and raise families here.”
McGann added, “As our community continues to grow, we want to ensure there are quality housing options
available for individuals and families at every stage of life. Malvern Bank is proud to partner on this project and appreciates the Foundation’s continued commitment to investing in our community and helping create opportunities for its future. Creating places for people to call home is an important part of building a stronger, more vibrant Malvern.”
The public is invited to the groundbreaking on Wednesday, Nov. 4th at 10:00 a.m. at 902 2nd Avenue in
Malvern. Following the ceremonial groundbreaking and group photos, attendees are invited to
continue the celebration with coffee and refreshments at Wabash Coffee.
Leasing and availability details will be announced closer to completion.
