EDC approves Oxford Row project report, recommends council bond ordinance

The Indianapolis City Economic Development Commission voted to approve the project report and to recommend that the City‑County Council adopt a corresponding special bond ordinance for Oxford Row, a proposed mixed‑use development in the Fall Creek Place neighborhood.

After a brief public hearing with no public comment, Commissioner Mark Young moved to adopt the EDC resolutions approving the proposal and project report and recommending council approval of a bond ordinance; the motion was seconded and carried by voice vote. The chair recorded the motion as approved and directed staff to forward the materials to council.

Why it matters: Developers said Oxford Row is a three‑story, neighborhood‑scale mixed‑use project intended to complete a retail‑anchored node at 25th and Delaware (across from Gusta Market). Project presenters described an affordability commitment—10 percent of units set at 50 percent of area median income (AMI)—and said the development will include ground‑floor retail intended to serve the immediate neighborhood.

Project details presented and clarifications - Developers (Nathaniel Gonzalez and Brandon Powell) described the building as a three‑story walk‑up with street‑facing retail and residential units above. They said the retail portion is roughly 5,000 square feet. - There are inconsistent unit counts in the presentation: presenters described “41 one‑bedroom units and six large two‑bedroom units” in one portion of the slides and later referred to the project as a 46‑unit development. The developers and staff document in the meeting packet should be consulted for the final unit count. - Developers said roughly 59–60 parking spaces are planned behind the building, arranged to be concealed from the main street view. They said they expect about 30–35 resident vehicles to occupy on‑site spaces and to reserve remaining spaces for retail use; street parking also exists in the neighborhood. - The capital stack described: approximately 60 percent bank debt and 40 percent equity, subject to change. Stins Construction (listed as the contractor) was identified as the general contractor; developers said Stins will also manage the property. - Timeline: presenters said, if financing and approvals align, they hope to begin construction in late summer or early fall of the year; they cautioned that national economic uncertainty and subcontractor pricing pressure could affect those dates.

OMWBD and compliance Joseph Lee of OMWBD submitted a memo in the meeting packet and told the commission the developer has worked with OMWBD to prepare an inclusion plan. Lee cited past performance by Stins (a prior small project with 35.63 percent XPE utilization) and said he expects the Oxford Row project—estimated in the memo at roughly the $10–$12 million range—to be likely to meet or exceed city utilization goals.

Public hearing and vote The chair opened and closed the public hearing with no public comments. The commissioners then voted to adopt the EDC resolutions that approve the project report and recommend council approval of a special bond ordinance. The motion was made by Commissioner Mark Young, seconded, and carried by voice vote; the chair announced the motion carries and directed staff to transmit the project report and recommended ordinance to council for consideration.

Next steps: The EDC packet included the project report and a draft special bond ordinance for council consideration. If the City‑County Council approves the ordinance and bond authorization, developers said they will proceed with finalizing financing and seeking permits.