INDIANAPOLIS — The Annex Group has broken ground on Central at Old Southside, a 227-unit affordable housing community just south of downtown Indianapolis. The $71 million project will offer one-, two- and three-bedroom units to households earning between 50 and 60 percent of the area median income. Amenities will include a community center, fitness center, business center, dog park, garden area, playground and picnic area.
Annex’s partnership with the McKenzie Center for Innovation and Technology will create hands-on learning and career development opportunities for locals through Annex University, an initiative launched earlier this year. Project partners for Central at Old Southside include BVH Architecture, CEC as civil engineer and Impact Housing Indiana Corp., an organization dedicated to supporting residents of affordable housing communities within Annex’s portfolio.
The City of Indianapolis awarded the project with a 15-year PILOT, and Indiana Housing and Community Development Authority (IHCDA) provided $500,000 in soft funding as well as $33.5 million in tax-exempt bonds. Bank of America provided approximately $30 million in total equity as well as $53 million in construction financing, while Merchants Capital provided more than $30.7 million in permanent debt financing.