Multi-million dollar redevelopment project planned near IMS

(Provided Photo/Loftus Robinson and the Speedway Redevelopment Commission)

SPEEDWAY, Ind. (WISH) – Two Indianapolis developers say they’re joining forces for a major, $50 million construction project near Indianapolis Motor Speedway.

The Speedway Redevelopment Commission plans to work with Loftus Robinson and Scannell Properties for what they call a mixed-use project that will be located around 16th Street on the southeast corner of the new roundabout just outside IMS.

They plan to build a five story building that will include 150 apartments, 10 condominiums, a 120-room hotel, 15,000 square feet of retail and a 500-space parking garage.

A ceremonial groundbreaking is set to coincide with the 100th running of the Indy 500 on May 29.

The development will be called “Wilshaw” in honor of Wilbur Shaw. He is the last Indiana native to win the 500. He won three times from 1937 to 1940.

The project is planned to start in the summer and be completed in 2018.

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