The mixed-use building will include 60 affordable housing units aimed at seniors and individuals with disabilities.
The $15 million project, called Parkside at Tarkington, retrofitted the former United Headquarters over the course of almost nine years and includes funding support from both city and federal housing funds.
Indianapolis Mayor Joe Hogsett said the building represents part of an effort to address the city’s affordable housing crisis.
“These are things that can be built upon for the benefit of long-time residents, long-time residents of every age, long-time residents of every ability,” he said.
The research group SAVI has estimated a citywide shortage of over 30,000 affordable housing units exists for extremely low-income households.
Michael McKillip is the executive director of Midtown Indy, one of the partners on the project. He said roughly 31 percent of households within midtown are housing cost-burdened – meaning they spend more than 30 percent of their income on housing.