Officers were called to the scene around 7 a.m. and the victim was pronounced dead at the scene, according to police.
The victim has since been identified as 85-year-old Elian N. Makdsi.
Police said they were able to track down the vehicle allegedly involved a few blocks away on Lacrosse Street and took the driver into custody.
Union Blvd. will be closed from Kiowa Street to Jasper Street until further notice while officials investigate.