When the university was part of Indiana University-Purdue University Indianapolis, the Natatorium also served as the home of the School of Health & Human Sciences, including physical education, tourism management, pre-physical and pre-occupational therapy, with its offices on the second level and the Polaris Fitness Center on the first level.

The Natatorium has the largest seating capacity of any indoor pool in the United States; it can hold up to 4,700 spectators.

[4] Hugh J. Baker and Company, fabricator of reinforcing steel and concrete, created the structural supports used in the Natatorium construction.

[5] The construction was completed in the summer of 1982 alongside the Michael A. Carroll Track & Field Stadium leading into the National Sports Festival.

The Natatorium was featured in the November 1983 issue of the American School and University Magazine for receiving the Louis I. Kahn citation due to its architectural design.

The building is divided into deck, concourse and bridge levels, covering approximately 200,000 gross square feet.

In addition, the Natatorium building houses the IUPUI Recreation Program in the basement of the facility, including the Polaris weight room which was built in 1996.

Additionally, in July 2009, IUPUI hosted one of USA Swimming's most elite competitions, the 2009 ConocoPhillips National Championships.

[13] As part of the agreement for being selected to host the 2016 USA Diving Olympic Trials, the Natatorium underwent roughly $18 million in renovation and repairs before 2016.

The project included a new roof, improved climate control, lighting, skylights, and other mechanical repairs.

"[14] In 2020, the School of Health and Human Sciences’ physical education program celebrated its 150-year anniversary with the addition of a new fitness garden outside the south entrance of the Natatorium.