Speedway Redevelopment Commission Demolishes Budget InnSRC Member
Abandoned hotel was the source of nearly 40 police runs since April 2010
Speedway, Ind. The Speedway Redevelopment Commission (SRC) and the Town of Speedway joined together today to begin the demolition of the Budget Inn, located on the corner of I-465 and Crawfordsville Road. The Speedway Police Department has reported nearly 40 police runs in the last six months to the property.
“We are ecstatic to see the old Budget Inn hotel demolished to make way for new development,” said Vince Noblet, SRC president. “Not only has the abandoned building been a continued eyesore at the western entrance of our town, but the Inn has become a hot bed for crime and mischievous activity in the area. This is a monumental step for the redevelopment of Speedway.”
The 112-room motel built on 3.2 acres was closed more than a year ago, leaving the building vulnerable to crime. The SRC purchased the blighted hotel earlier this year for $750,000 $450,000 less than the property’s appraised value. Demolition will cost $144,000 and will be paid through Speedway’s tax increment financing district.Â Clean up is estimated to take 30 to 45 days to complete.
“It feels good to know that a building that caused so many problems in our community will no longer exist,” said Scott Harris, SRC executive director. “Although there are no plans for the area in the near future, I am confident that the future of this property will hold something great for Speedway.”
Prior to demolition, Speedway Fire Department used the building as a training location.
The Budget Inn building is located in Redevelopment Area Two, which houses the majority of the Town’s amenities. It is located on the northwest side of the Town and encompasses 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. The SRC is currently developing a Master Plan for redevelopment of this area.
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.