Consultant details Speedway renewal

Most buildings on Main Street should be replaced, architect tells town officials

By Bruce C. Smith
bruce.smith@indystar.com

All but a few of the buildings along Main Street in Speedway should be replaced in a proposed redevelopment, a consultant told town officials Monday night.

In a block-by-block overview of the proposed redevelopment, Greg Jacoby of Browning Day Mullins Dierdorf architects envisioned a new streetscape of mostly one- and two-story buildings, many in the brick style of historic Speedway.

The Speedway Redevelopment Commission received the plan but took no action.
The plan closely follows concepts town officials and consultants have been developing as part of a sweeping redevelopment of more than 350 acres from Main Street to Holt Road and between 16th and 10th streets, just south of the Indianapolis Motor Speedway.

Tom Guevara of financial consultants Crowe Horwath told the commission Monday that the project — dubbed the Speed Zone and estimated to have a $500 million price tag — could return a 10-year economic impact up to $5.2 billion and more than 2,000 jobs.

First for the commission is to launch redevelopment of Main Street. Installation of new sewers, sidewalks, historic streetlights and other streetscape will begin late this year.

“This project is real, and it is happening very soon,” said commission President Vince Noblet.”
The commission hired Mansur Development to help in the redevelopment and to find companies to invest in the five-block area and possibly move to Main.

The Browning plan outlined by Jacoby sees most of the industrial east side of Main removed and replaced with many new buildings. That side of Main also would have more than 1,700 parking spaces, including a new multistory parking garage in the 1500 block.

The 1100 block could have a new building to house an automotive-related school, fitting with the overall motor sports theme of the new Main Street.

The 1000 block, where the town demolished the old Electric Steel Castings plant, could become the site of office and retail buildings, including at least one anchor such as a grocery or pharmacy.

The west side of Main now is lined with retailers, offices, beauty shops, vacant lots, a couple of restaurants and the shuttered Allison Transmission Plant 1.

Jacoby sees it redeveloped with offices, retailing, several restaurants, tourism attractions and office and residential condos. Most buildings would be one or two stories, with a few up to three stories.