FRANKFORT, Ind. (August 27, 2025) — Developers behind the Banderas Point project, Good Oil Company, at Interstate 65 and State Road 28 are currently facing a financial setback according to Commissioners President Jordan Brewer, leading to a halt in activity at the site. The project reportedly lacks the necessary financial backing to proceed.
According to Brewer, speaking to a group in Kirklin in July, there has been “not much activity” at the project site near I-65 and State Road 28. When questioned about the project’s status and the potential for new restaurants in the area, Brewer indicated that the developers “do not have the financial backing to move forward at the moment.” He clarified that while he was unsure if the project was “canceled,” the developers “just don’t have money right now to do anything more.”
Brewer recounted an instance where a Hilton-brand hotel was interested in locating at I-65 and State Road 28. The developer of the hotel was seeking to purchase a parcel of real estate from the developer of Banderas Point and required a 10.5% return on investment. The county was asked if it would contribute financially every year to meet that. The county declined. Brewer stated, the county “didn’t feel like that was a great return for Clinton County to give them money every single year just for a hotel” for the developer to make their desired profit margin. Consequently, “there’s no hotel” at that location.
Adding to their current challenges, the developers are still required to complete an incomplete retention pond at the site. Brewer noted that the Indiana Department of Environmental Management (IDEM) is expected to compel them to finish this task.
The area at I-65 and State Road 28 has seen significant infrastructure investment, including a $3 million water tower and $35 million for sewer and water, primarily funded by the county, plus a multi-million dollar roundabout east of the I-65 interchange.
