Speedway Seeks To Buy Apartment Complex, Vacant Budget InnSRC Member
‘Gateway’ Location Elevates Interest In Redevelopment
Josh Duke and Bruce C. Smith
May 21, 2009
The Speedway Redevelopment Commission is attempting to buy an old motel and an apartment complex, which would be its first real estate deals in the redevelopment zone along Crawfordsville and High School roads.
Commission members gave Executive Director Scott Harris the green light last week to negotiate with the owners of the recently closed Budget Inn.
Late Monday, Harris also disclosed that the town has been negotiating since February to buy the nearby International Village apartment complex. Talks with Philadelphia-based Resource Real Estate have been close to reaching a sale of the 30-acre apartment site, Harris said, but no final agreement has been signed.
The adjacent motel and apartment properties are on the town’s acquisition list and are highly visible on the north side of the I-465 interchange at Crawfordsville Road, where town officials envision new development.
A fire last year destroyed one of the buildings and more than 30 units of the International Village complex, leaving about 440 units.
The Budget Inn is a 1960s-era motel that has been rife with crime as well as health and safety code violations.
“I don’t want it to continue to sit empty and be an eyesore at the gateway to our community,” said Commission President Vince Noblet, referring to the old motel.
Philadelphia-based GF Management manages the motel property. A spokesman for the company had no comment. Hudson Americas owns the property, Harris said, but it could not be reached for comment.
Hudson has four hotel properties, including the Budget Inn, that it wants to sell as a package deal for $2.4 million, Harris said. He hopes to persuade the owners to sell the Budget Inn separately, because the town has no interest in the remaining properties, which are not in Speedway.
Harris said the assessed value of the Budget Inn property is $1.085 million.
“If we don’t make any progress in the next couple weeks, we will pursue other options, such as getting legal counsel involved,” he said.
The 112-room, two-story Budget Inn is located behind the Shell gas station on the northeast corner of I-465 and Crawfordsville Road. The motel closed a few weeks ago.
The area is one of two redevelopment sites targeted by the Speedway Redevelopment Commission in an effort to reinvigorate the town, spur economic development and provide a gateway and tourist destination.
The town’s tax increment financing district would pay for any properties it purchases, Harris said.