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Board approves brownfield support for 29-unit Indiana Avenue redevelopment
Summary
The Brownfield Redevelopment Authority approved a brownfield plan amendment and NEZ exemption request for 335 and 343 Indiana Ave NW, backing a mixed‑use project with 29 apartments, a small commercial space and a $1.38 million incentive request; six units will target households at or below 80% AMI.
The Brownfield Redevelopment Authority voted unanimously to approve a brownfield plan amendment and related NEZ exemption request for a mixed‑use redevelopment at 335 and 343 Indiana Avenue Northwest.
Staff described the project as a 29‑unit building with a small ground‑floor commercial space. ‘‘This project will be a multifamily project at the intersection of Indiana and Douglas Street,’’ a staff presenter said while explaining the development’s place in an active corridor of recent projects.
Developer Ross Bacon introduced the team and said he lives and works nearby. "My office is literally right around the corner from this," Bacon said, describing local outreach to adjacent businesses, the neighborhood association and a letter of no opposition. He said the project includes six studios, 20 one‑bedrooms and three two‑bedrooms and that construction would start in summer 2026 with an anticipated late‑2027 completion.
Staff and the developer outlined the financing package: total project costs exceed $6 million, about $5 million of that in construction costs, and the developer seeks brownfield tax increment financing (TIF) support with eligible activity costs of $1.38 million. A rent‑loss financing gap of $739,000 is included and would be repaid to the developer over 18 years plus five additional years of capture to the LBRF. To qualify for the financing gap, six units (20% of the building) will be reserved for households at or below 80% of area median income.
The board discussed inclusion plan goals tied to the project’s procurement: staff said the plan targets roughly 5% of total construction cost to be spent with minority‑owned, women‑owned and micro/local business entities, split roughly evenly among those categories.
There were no public objections during the item. After questions from a commissioner about neighborhood engagement and schedule, the board moved and supported the resolution to recommend approval; the motion carried by voice vote.
The authority also noted the project will pursue a Neighborhood Enterprise Zone (NEZ) exemption certificate that, because the project will provide 20% of units at or below 80% AMI, could qualify for a 15‑year NEZ certificate. Staff said final eligibility and capture terms depend on the NEZ review and the formal agreement documents.
