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Demolition begins on vacant Speedway motel

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Demolition began Monday morning on a vacant Budget Inn motel near Interstate 465 that the town of Speedway purchased in hopes of redeveloping the blighted property.

Speedway officials earlier this year paid $750,000 for the 3.2-acre property that contains the 112-room motel, which closed more than a year ago.

The property on North High School Road near Crawfordsville Road will be converted into green space until it can be redeveloped, said Scott Harris, executive director of the Speedway Redevelopment Commission.

The parcel on Speedway’s west side is not a direct part of the town’s highly publicized "Speed Zone" redevelopment effort. But Harris said it’s still an important related piece.

“That’s our commercial corridor and the gateway to our city,” he said.

Speedway officials broke ground last November on the first phase of a $500 million redevelopment project they hope will transform the small town into a year-round racing-themed destination. Initial work involves $6.7 million in road improvements to Main Street, laying the foundation for redevelopment to follow.

The Speed Zone plan calls for new roads, parks, retail, restaurants and entertainment attractions to improve the Main Street business district and surrounding neighborhoods.

The ambitious redevelopment includes more than 350 acres from Main Street to Holt Road and from 16th to 10th streets, just south of Indianapolis Motor Speedway.

In all, 2.5 million square feet of new development could be constructed, which could return a 10-year economic impact of up to $5.2 billion and more than 2,000 jobs, Speedway officials say.
 
The improvements to Main Street should be finished by May, in time for the Indianapolis 500’s centennial celebration.

Demolition of the vacant hotel, expected to take between 30 and 45 days, will cost an estimated $144,000 and will be paid for with funds generated by a tax increment financing district. The Speedway Police Department reported nearly 40 police runs to the property within the past six months. The town's fire department used the vacant building for training.

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  • finally, but what about the east side?
    Irvington would like the Indy East hotel on Washington street razed. Speedway is on the right track. Blight should be torn down. Anyway, the neighborhood has spoken in Irvington. Hundreds of homeowners have filed objections to the terrible plan by the owner of the Indy East hotel to donate it to charity for use as a homeless shelter. At least Speedway has a vigorous redevelopment plan. In Irvington all we get is talk. Barnes. Hunter. When are we going to see the Streetscape project begun? Now they say next spring, or summer. Blah, blah, blah. When is the Eastgate mall going to be cleaned up? These Lifeline Data people are big liars. Now we hear the police dept is taking space there. Fine. But when is it going to be cleaned up? Metropolitan Development is spending too much time on downtown and not enough time on neighborhoods.

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  1. It is nice and all that the developer grew up here and lives here, but do you think a company that builds and rehabs cottage-style homes has the chops to develop $150 Million of office, retail, and residential? I'm guessing they will quickly be over their skis and begging the city for even more help... This project should occur organically and be developed by those that can handle the size and scope of something like this as several other posters have mentioned.

  2. It amazes me how people with apparently zero knowledge of free markets or capitalism feel the need to read and post on a business journal website. Perhaps the Daily Worker would suit your interests better. It's definitely more sympathetic to your pro government theft views. It's too bad the Star is so awful as I'm sure you would find a much better home there.

  3. In other cities, expensive new construction projects are announced by real estate developers. In Carmel, they are announced by the local mayor. I am so, so glad I don't live in Carmel's taxbase--did you see that Carmel, a small Midwest suburb, has $500 million in debt?? That's unreal! The mayor thinks he's playing with Lego sets and Monopoly money here! Let these projects develop organically without government/taxpayer backing! Also, from a design standpoint, the whole town of Carmel looks comical. Grand, French-style buildings and promenades, sitting next to tire yards. Who do you guys think you are? Just my POV as a recent transplant to Indy.

  4. GeorgeP, you mention "necessities". Where in the announcement did it say anything about basic essentials like groceries? None of the plans and "vision" have basic essentials listed and nothing has been built. Traffic WILL be a nightmare. There is no east/west road capacity. GeorgeP, you also post on www.carmelchatter.com and your posts have repeatedly been proven wrong. You seem to have a fair amount of inside knowledge. Do you work on the third floor of Carmel City Hal?

  5. I don't know about the commuter buses...but it's a huge joke to see these IndyGo buses with just one or two passengers. Absolutely a disgusting waste of TAXPAYER money. Get some cojones and stop funding them. These (all of them) council members work for you. FIRE THEM!

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