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The newly constructed three-storey Richview Regeneration Centre is being managed by the Greater Village Regeneration Trust.
Funding of around £500,000, towards the construction scheme, came from the Department for Social Development.
Minister Margaret Ritchie described the centre as an excellent example of what can be achieved through bodies working together in partnership.
"My department is committed to the development of community empowerment in this part of the city.
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"I am determined that through continued collective efforts we can, and will, make sure that Neighbourhood Renewal has a significant impact on the lives of the people in the area."
Denis Rooney, International Fund for Ireland Chairman, said: "The redevelopment of this site to create affordable office units and space for community activities is a fabulous achievement.
"Community regeneration is about transformation. It is about making places more competitive, more attractive, empowering communities and restoring pride.
“The Greater Village Regeneration Trust (GVRT) has a vision to make its area in South Belfast a place to be proud of."
Belfast City Council, with support from the European Regional Development Fund under the Building Sustainable Prosperity Programme, also contributed £300,000 to the project.
Chairman of the Council's Development Committee, Councillor Michael Browne said: "Richview can make a substantial contribution to the creation of new businesses and employment opportunities as well as impacting on the regeneration of one of our most deprived neighbourhoods."
(PR/BMcC)
