INDIANAPOLIS — Flaherty & Collins Properties and Indianapolis City leaders cut the ribbon for the grand opening of Parkside at Tarkington apartments.
The $15 million development has 60 affordable housing units. The mixed-use development also has 8,000 square feet of commercial space.
Parkside is an affordable senior housing and is the adaptive reuse of the former United Way headquarters in Indianapolis. A partnership with Midtown Indianapolis, Inc., Parkside includes 20 percent of the units reserved for residents with intellectual and/or development disabilities. The building was placed into service on December 6, 2022, and currently has units available for rent. Parkside at Tarkington began construction in August 2021, financed with 9% credits from IHCDA and with CREA serving as the Low Income Housing Tax Credit (LIHTC) investor. Merchants Capital is the construction and permanent lender. The City of Indianapolis provided HOME funds, with Federal Home Loan Bank providing AHP funds.
“United Way heavily discounted the building to help make the Parkside project possible,” said Drew Rosenbarger, Vice President of Development and lead project developer for Flaherty & Collins Properties. “Time and again, we find great local and national partners who are willing to really put in the work to help make these projects a reality. There’s a huge need for quality affordable housing throughout the nation, and projects like Parkside are examples of an approach that’s all about rolling up your sleeves and finding a mix of what’s best for a city, its residents and project partners.”
Indianapolis Mayor Joe Hogsett said, “the city has been a proud partner in this project that brings a total of 60 units of affordable housing to Indy’s older adults.”