INDIANAPOLIS (September 29, 2026) – The Annex Group®, a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities, today announces groundbreaking plans for Central at Old Southside, a new affordable housing community just south of downtown Indianapolis. Located at 1406 S. Capitol Ave. in Indianapolis, IN 46225 (future building addresses: 150 Southside Place and 160 Southside Place), Central at Old Southside will be on over six acres of property and offer 227 one-, two- and three-bedroom units to households earning between 50 and 60 percent of the area median income (AMI). A groundbreaking ceremony will mark the official beginning of construction on the $71 million property. Details include:
- Location: Central at Old Southside | 1406 South Capitol Ave., Indianapolis, IN 46225
- When: Oct. 6 at 11 a.m. EST
- What: Join The Annex Group, community members, and project partners for a ceremonial groundbreaking of Central at Old Southside. The program will feature remarks from Councilperson Kristin Jones, a ceremonial shovel photo opportunity, refreshments, and networking.
“As an Indiana-based company, it’s always deeply rewarding to develop in our own backyard," said Ryan Clark, Senior Vice President of Development for The Annex Group. "With Central at Old Southside, we are transforming an underutilized infill site into an amenity-rich community. We’re excited to bring high-quality workforce housing to this neighborhood and help fuel the continued growth of the Old Southside area, with great connectivity to downtown Indianapolis and surrounding neighborhoods like Bates-Hendricks and Fountain Square."
Amenities for Central at Old Southside will include a community center, fitness center, business center, dog park, garden area, playground and picnic area.
“We know the need for affordable housing remains strong even as developers and neighbors come together to create more housing in and around the city,” said Kyle Bach, CEO for The Annex Group. “We’re thrilled to bring new construction housing to our hometown that will offer two four-story buildings with elevators and plenty of outdoor and indoor amenities like modern, functional kitchens and in-unit washers and dryers. This community has been designed to enhance the neighborhood and feel like a special place to call home for residents. As development progresses, we’re proud to engage with and offer opportunities for career advancement to people living in surrounding neighborhoods as well.”
The Annex Group’s partnership with the McKenzie Center for Innovation and Technology will create hands-on learning and career development opportunities for local people through Annex University, an initiative launched earlier this year that provides access to experiential training, applied learning and professional development opportunities for individuals seeking to improve their lives through stable employment and long-term career growth.
Additional partners on the project include BVH Architecture (architect), CEC (civil engineer) and Impact Housing Indiana, Corp., an organization dedicated to supporting residents of affordable housing communities within The Annex Group’s portfolio. The City of Indianapolis awarded Central at Old Southside with a 15-year PILOT award 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 (investor and construction lender) provided approximately $30 million in total equity as well as $53 million in construction financing, while Merchants Capital (permanent lender) provided more than $30.75 million in permanent debt financing. The Annex Group also thanks IHCDA for its continued support of affordable housing across the state of Indiana, specifically through the issuance of 4 percent tax credits and tax-exempt bonds.
This will be The Annex Group’s third community in Indianapolis.
ABOUT THE ANNEX GROUP®
The Annex Group® is a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Fishers, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.