Former Indianapolis Motor Speedway CEO Tony George and his wife, Laura, are seeking to rezone their 12-acre property on the north side of Indianapolis to build a four-lot subdivision, a portion of which would replace their existing home.

The city’s Metropolitan Development Commission is set to hear the rezoning request at its Wednesday meeting. The plans have the recommendation of MDC staff.

The plans call for the removal of most of the Georges' 14,000-square-foot home, which is appraised at roughly $3 million, according to city property records. A portion of the residence would remain, as well as its outdoor recreational amenities, to serve as a fitness center for subdivision residents, according to the plans.

The Georges have been unsuccessful in selling their 12-acre wooded estate at 8030 Spring Mill Road since putting it on the market in September 2009.

Heather Carpenter, a daughter-in-law who had listed the property, told IBJ in 2009 that the couple was downsizing. She said the last of their three children went off to college that fall, prompting the Georges to consider moving to a smaller home.

Through Carpenter, the Georges declined to comment Tuesday on their plans for the subdivision.

It’s unclear whether the Georges would live on one of the subdivision’s four lots. Carpenter said they don’t intend to sell any of the property, but she would not elaborate.

Sweet Development Co., which obtained a deed to the property in late 1989, originally had planned a five-lot subdivision on the 12 acres to be called Braewick at Williams Creek, according to city records.

Records show Sweet Development transferred the property to the Georges in 1994, when they built their home.

In 2003, the Georges vacated zoning for the subdivision to construct a storage building and horse stable on the property, the MDC filing says.

Now the Georges are requesting to rezone the property to again allow for a subdivision. It would be called Braewick Estates at Williams Creek. The creek runs through the southern portion of the land.

“When they bought the property, it was called Braewick Estates, so they’re going back to the original name,” Carpenter said.

The Georges' rezoning request seeks a waiver of a city requirement to provide sidewalks on either side of Mill Creek Lane. MDC staff recommends the waiver, saying the gated subdivision would generate very little foot traffic.

Tony George was CEO of IMS for 20 years before his ouster in June 2009.