SPEEDWAY, Ind. (WISH) — Town leaders are one step closer to bringing new life to the community.

A new development is planned for Crawfordsville Road just east of I-465. Buildings are being torn down in preparation for the 25-acre project known as Founders Square. The project plans include a Hampton Inn with convention space, a Crew car wash, health care offices and retail space with a grocery store.

Project managers say it will create more economic opportunity for speedway.

Tim Gropp, Speedway economic development director, said, “We still have 6-8 acres available. So we have some flexibility in there to be able to attract. We’d love to see some entertainment components. That’s something we hear a lot of in the town. Obviously, it’s the gateway, just 2 miles out from the Indianapolis Motor Speedway, so anything that would attract people before or after the race, something to do in town, we’d love to see out there.”

According to project managers, the hotel and car wash will break ground near the beginning of June.