Indianapolis Star
June 7, 2009



Speedway -- Negotiations for the town to buy the International Village apartment complex and redevelop the site as a gateway into town appear to be back on again.

"We think we have a deal," said Scott Harris, executive director of the Speedway Redevelopment Commission.

The 1960s complex is owned by Resource Real Estate.

David L. Zive, vice president and director of legal affairs at Philadelphia-based Resource, said a deal is not yet finalized.

"But it is accurate to say that Speedway and the owner of International Village have an agreement (in which the town) can purchase the property," he said.

"It truly is an option agreement," Zive said. "They're kicking the tires to see if the property meets their needs."

Action on the proposed deal is on a short timetable. The town is trying to find a new developer for the site, just north of the Crawfordsville Road interchange with I-465, and then close on the purchase by mid-August.