Speedway Redevelopment Plans include International Village Apartments PurchaseSRC Member
FOR IMMEDIATE RELEASE
Nov. 26, 2012
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Speedway Redevelopment Plans include Apartment Property Purchase
Speedway Redevelopment Commission makes offer to purchase International Village Apartments
SPEEDWAY, Ind. — The Speedway Redevelopment Commission intends to purchase the International Village Apartments as part of the Area Two Master Plan goals. The SRC has tendered a competitive offer to current owner Resource Real Estate.
Located on the 6300 block of Hollister Drive on Speedway’s northwest side, the apartment complex has become a public safety challenge. Recent police runs and a spate of fires have occurred, one this month which left an apartment resident injured and two Speedway firefighters with slight injuries.
The plan to purchase the complex is supported and approved by both the commission members and the town council. The current owner of the property is Philadelphia-based Resource Real Estate. There was a plan to purchase the property in 2009, but the appraisals were too low, and the plan fell through. The SRC is serious about purchasing the property this coming year.
Area Two is located in the northwest corner of Speedway and is a beneficial piece to the commercial needs of the town. After obtaining public input through stakeholder meetings and focus groups and reviewing various design concepts and zoning guidelines, the SRC, along with its many partners including American Structurepoint, developed the Master Plan for Area Two.
The International Village is located on the north side of the I-465 interchange at Crawfordsville Road. The SRC would like to turn the property into a safe, economic environment that will benefit the community.
“By purchasing and repurposing the property for redevelopment, the town will maximize the potential of the property by encouraging new business growth,” said Scott Harris, executive director of the SRC. “We cannot afford to let this property and its residents’ qualities of life continue to decline.”
The long-term goals of the Area Two plan are an increased tax base and job growth, along with a higher quality of living for residents.
For more information, please visit http://www.speedwayindiana.com/news-resources/international-village.
About Speedway Redevelopment Commission
The SRC consists of five volunteers appointed by the Speedway Town Council. Using input from the entire community, the commission is charged with developing a plan to revitalize a 700-acre area, including Speedway’s Main Street and the large area to the northwest termed Area 2. More information about the SRC is available at www.speedwayindiana.com.