Speedway Redevelopment Commission to buy vacant motelSRC Member
Speedway Redevelopment Commission to buy vacant motel
Redevelopment commission to buy vacant Budget Inn near I-465 exit for $750,000
Tania E. Lopez
The Speedway Redevelopment Commission announced it would purchase an old motel deemed an eyesore in the town’s redevelopment zone along Crawfordsville and High School roads.
The Budget Inn, a 112-room motel built on 3.2 acres in the 1960s as a Howard Johnson motel, was closed over a year ago. The commission has negotiated to buy the vacant motel and will close on its purchase located on the north side of I-465 for $750,000 within the next 30 days, said Executive Director Scott Harris.
He said the commission negotiated the price down for $450,000 less than the appraised value of the Budget Inn property, which ended up totaling $1.197 million.
The next step will be to issue requests for proposals so that a company can come in and demolish the structure and turn the area into green space.
The motel has been known for attracting crime, generating numerous police runs and being unsightly in a very visible area targeted for redevelopment.
Harris said the northwest side of the building has significant fire damage and is in such poor condition that there are mushrooms growing out of the ceiling and floors.
“That’s part of our gateway,” said Commission President Vince Noblet. “We need to make sure that gateway reflects the values of our town.”
The funds to purchase the property come from the town’s tax-increment financing district, said Harris.
The motel is highly visible on the north side of the I-465 interchange at Crawfordsville Road.
The area is one of two redevelopment sites targeted by the Speedway Redevelopment Commission to spur economic development and provide a gateway to the town and make it a tourist destination.