Speedway Redevelopment Commission

Fact Sheets

Speedway Redevelopment Commission

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For nearly a century, the proudly independent Town of Speedway has been a great place to live and raise a family. The town has been an industrial community with good roads, good schools and a good attitude. This is still true, but times are changing rapidly and Speedway must do more than just keep up.

To ensure Speedway’s growth and future prosperity, the Speedway Town Council was given the authority by the Indiana Legislature to form and appoint the Speedway Redevelopment Commission (SRC) in 2005.

When the Town Council gave the SRC an enthusiastic go-ahead, the SRC was charged with addressing the Town of Speedway’s stagnant growth and eliminating industrial blight by building upon Speedway’s close identification with racing and encouraging business growth related to motorsports technology.

Since Speedway is landlocked and cannot grow through annexation, the town concluded it must turn to redevelopment and reuse as a means of ensuring its future economic viability. During the planning phase, the SRC concluded that unless there is substantial reinvestment within Speedway, the economic future of the community and prosperity of its citizens would be threatened. Using input from the entire community, the commission began developing a plan to revitalize a total of 700 acres, including Speedway’s Main Street. As a part of the redevelopment plan, the SRC identified two areas of redevelopment.

Redevelopment Area One

Includes 400 acres of multi-use property primed for commercial, shopping and entertainment, residential and research and development projects. Upon completion, Area One will be a vibrant, thriving and attractive downtown that will foster growth within the existing business community and encourage development of new business.

Adjacent to Indianapolis Motor Speedway, Area One will include 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.

Redevelopment Area Two

Currently in the planning process, Area Two will be located on the northwest side of Speedway along Crawfordsville Road, encompassing nearly 300 acres of land. Currently, the land that lies within Area Two has shown a lack of development, substandard building quality and a cessation of growth.

Uses for the 95 separate parcels of land will include: commercial, community and neighborhood shopping and residential.

Six phases were followed during the development of the master plan:

Phase I: Plan Organization
A steering committee was formed, representing the different stakeholder groups vested in the project to identify redevelopment area issues, formulate policies, goals and objectives of the master plan. Public participation began during this phase.

Phase II: Market Analysis and Area Profile
An analysis was completed to outline existing area conditions and structures within the redevelopment area. A consumer preference survey was sent to residents of Speedway and surrounding areas to assist the group in understanding the local market trends and forming goals and strategies for economic development.

Phase III: Visioning for the Development Plan
More than 200 residents and citizens participated in a three-day design workshop in 2006. Three conceptual plans were produced as a result of personal interviews and interviews during the workshop.

Phase IV: Action Planning and Development Strategies
Seven goals with subsequent objectives were formulated along with the timelines and an outline illustrating how each goal would be accomplished.

Phase V: Plan Finalization
Elements from each of the three conceptual plans developed in Phase III were displayed at Dawson’s on Main, Charlie Brown’s and the Speedway Public Library for public comment. A master plan was created as a visual guide for the goals set forth by the Speedway community.

Phase VI: Implementation and Evaluation
Implementation and evaluation involved major public participation in order to carry out the action plans that were laid out in the master plan.

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.