Speedway Redevelopment Commission

Fact Sheets

Redevelopment Area One: The Speed Zone

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In the early 1900s, the Town of Speedway developed with a bold vision for the future. With assistance from a small group of visionaries, including James Allison and Carl Fisher, a forward-thinking plan for a new community was created. Many did not believe the commitment the group was making in new technologies was a good investment, but today, businesses such as Allison Transmission, Praxair Surface Technologies and the Indianapolis Motor Speedway stand as a testament to their foresight and planning.

In July 2005, the Speedway Redevelopment Commission (SRC) was formed to restore economic growth to the Town of Speedway and invest in the town’s future, just as leaders had done in the early 20th century.

By September 2005, the SRC adopted the Redevelopment Plan and Strategy: Main Street & Motorsports Campus Redevelopment Area. This plan laid out boundaries and focus for Redevelopment Area One, also known as the Speed Zone.

Speedway’s Area One has been guided by public outreach, third-party consultants and nationally recognized experts, such as the Urban Land Institute.

Redevelopment Area One includes 400 acres of multi-use property primed for commercial, shopping and entertainment, residential and research and development projects. The end result of Redevelopment Area One redevelopment will be a vibrant, thriving and attractive downtown destination that will foster growth within the existing business community and encourage development of new enterprises.

Adjacent to the Indianapolis Motor Speedway, Redevelopment Area One will include an estimated 2.5 million square feet of new, mixed-use development made possible through $500 million in private and public investment. Boundaries for the project include Main Street on the west, 16th Street on the north, 10th Street on the south and Olin Avenue on the east.

Research and Development
Located south of the Indianapolis Motor Speedway, the planned research and development area will include a teaching and workforce development center, applied research facilities and a business incubator.

Entertainment
Play takes center stage in Speedway, with new planned museums, hotel entertainment and conference space. This area will also include racing-related experiences, diverse dining options and retail.

Main Street
Redevelopment of Speedway’s historic Main Street will create a traditional town center to serve as a gathering point. A year-round destination will be formed by improving pedestrian safety and accessibility, enhancing access to the business and retail corridor, installing a Wall of Fame, building a bike path and increasing the number of sidewalk cafes and shops.

Why redevelop this area of Speedway?
Redevelopment is critically needed in Speedway to retain and create jobs, attract private sector investment, boost Speedway’s year-round hospitality industry and provide more opportunity and a better quality of life for local residents. Speedway is unable to grow and must rely on redevelopment to enhance the tax base and provide affordable government services to the community.

Who will benefit from the redevelopment?
By attracting new businesses and creating a year-round tourist destination, the redevelopment plans will not only benefit current Speedway businesses and residents, it will also benefit the Indianapolis metropolitan area, the Central Indiana region and the state of Indiana.

Who is the SRC?
The Speedway Redevelopment Commission consists of dedicated, volunteer citizens appointed by the Town Council. The SRC employs a full-time executive director, who is also a resident of Speedway. Using input from the entire community, the commission is charged with developing plans to revitalize 700 acres, including Speedway’s Main Street.

How much will this cost?
Approximately $120 million of infrastructure will be funded by public investment, which will help attract an additional $400 million in private investment in Redevelopment Area One.

How will the public investment be generated?
The Town of Speedway has the financial strength necessary to make the investment through the creation of a Tax Increment Financing (TIF) district, which provides the town with a healthy revenue stream and credit.

How long will it take?
Work is underway and the SRC will make significant progress by 2011, when the Indianapolis Motor Speedway celebrates the 100th anniversary of the first 500 mile race, and by 2012, when Indianapolis hosts the Super Bowl.

Why is there an emphasis on motorsports and advanced technology in the redevelopment plans?
Due to statewide economic development initiatives, Central Indiana has a competitive advantage in motorsports, advanced manufacturing and clean technology. Area One redevelopment recognizes the competitive market for motorsports and seeks to leverage its proximity to IMS to create a world-class center for the industry and automotive-related technology through better opportunities for industry leaders to invest in the area, and by providing a better visitor experience for the more than one million people who visit Speedway each year.

How will green space be included in the plan?
Once Georgetown Road is vacated between 16th and 25th Streets, a linear park will be created to benefit Speedway residents, businesses and visitors. The addition of the green space will improve quality of life for residents of Speedway by creating additional recreation options. By designing an enhanced community space, potential businesses will have more tools to attract prospective employees.

What progress has the SRC made recently?
What is the timeline?
Speedway Redevelopment Commission broke ground on the Main Street road construction project November 19, 2009. It is the town’s first redevelopment-related construction project and will turn Main Street into a vibrant, pedestrian-friendly downtown district. Commissioners are working through implementation of the Area One Master Plan and the SRC is moving forward with redevelopment as approved. Currently, the SRC is in the process of acquiring land in Area One, completing infrastructure design and engineering and compiling a Master Plan for Area Two.

How do I get involved? Where can I learn more?
If you would like to learn more about the Speedway redevelopment effort, or the plans for Redevelopment Areas One or Two, visit the SRC Web site at SpeedwayIndiana.com. While visiting our Web site, please sign-up for our e-newsletter to receive updates about redevelopment. Additionally, the commission holds regular meetings on the third Monday of the month at 6 p.m. at the Speedway Public Library.

The information presented is based on development concepts which are subject to change without notice. Illustrations and images are conceptual and no guarantee is made about whether the improvements shown will be built or if built, will be the same type, size or nature as shown or described.