Speedway Redevelopment Commission Drops Checkered Flag on Main Street ProjectSRC Member
FOR IMMEDIATE RELEASE
May 5, 2011
Speedway Redevelopment Commission Drops Checkered Flag on Main Street Project
Ribbon cutting ceremony officially opens street after $10 million renovation
SPEEDWAY — As the world prepares to descend on the Town of Speedway this May, the Speedway Redevelopment Commission (SRC) has dropped the checkered flag on its Main Street project. Together with Speedway and Indianapolis officials, key stakeholders, Main Street businesses and the community, the SRC cut a ceremonial ribbon today to officially open Main Street for business. The $10 million project began in November 2009 as the SRC’s first redevelopment-related construction project.
“We may have crossed the finish line, but the race continues here in Speedway,” said Vince Noblet, SRC President. “The new, sustainable Main Street reinvigorates this historic area in our community, and we expect its growth and development to continue well into the future. Today is a good day for Speedway, but we’re not finished just yet.”
Fully funded by the Town of Speedway, the new Main Street serves as the centerpiece of the SRC’s Redevelopment Area One. In total, Area One will bring an anticipated total economic impact of $5.2 billion from construction, new development and business operations over its first 10 years.
“Main Street’s redevelopment not only begins to restore the area’s former grandeur, but it carries on Speedway’s mantra of racing, innovation and community,” Noblet said. “We’ve had great successes on Main Street so far, like the opening of the Dallara Automobili and Indy Racing Experience facility in the coming months, and we are looking forward to even more wins in the near future.”
The redeveloped Main Street includes the following features:
- Bike paths
- Spacious sidewalks that will allow for sidewalk cafes
- Safety considerations
- Artistic flair, including new street signs, manhole covers and bike racks
In addition to road and sidewalk improvements, Main Street also received an upgraded, environmentally-friendly stormwater management system. The new green infrastructure along main street includes rain gardens, porous pavement and green gutters.
The Main Street project is part of a $500 million investment to breathe new life into 400 acres of multi-use property that will be primed for commercial, shopping and entertainment, residential and research and development projects.
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.