SRC Purchases Main Street Property, Waves Green Flag on Gilman Infrastructure ProjectSRC Member
FOR IMMEDIATE RELEASE
March 17, 2011
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SRC Purchases Main Street Property, Waves Green Flag on Gilman Infrastructure Project
SRC acquires 22-acre property on Main Street for development
SPEEDWAY — Redevelopment on Speedway’s Main Street remains in high gear. The Speedway Redevelopment Commission (SRC) has purchased nearly 22 acres on the east side of Main Street with plans to transition the property into multiple shovel-ready development sites to help attract interested developers and businesses. The acquisition ties into the Gilman Infrastructure Project, already underway.
“Shovel-ready sites on prime property, like the ones we are creating here, are extremely attractive to expanding businesses,” said Vince Noblet, SRC president. “The SRC has pursued the purchase of these 22 acres since 2005 due to its prime location and our goal of building a thriving, downtown district on Main Street.
Purchased from Allison Transmission for $1.72 million, the property will immediately be cleared of an electrical substation, a switch and pump house and multiple concrete foundations.
In order to prepare lots on the east side of Main Street for potential businesses and development, the SRC started the Gilman Infrastructure Project on Feb. 28. The $4.4 million project will allow for the installation of new storm, sanitary and water systems on the property, and an enlarged storm water drainage culvert below 10th Street, east of Polco Street. Additionally, Gilman Road will be extended to the east and then connected to 10th Street through a new north-south corridor. Internal roads on an additional eight acre site will also be built. During this process, new intersections will be constructed for the planned 10th Street Realignment Project.
“This not only improves the Main Street site, it will also greatly improving the overall infrastructure in the Town of Speedway,” said Scott Harris, SRC executive director. “We believe that these upgrades will ultimately enhance Speedway’s appeal to future investors, keeping in line with our redevelopment vision.”
The Gilman Infrastructure Project will cause Polco Street (north of 10th Street) to be closed for two weeks. The project is scheduled to be completed by Oct. 31, 2011.