Speedway’s downtown neighborhood is a little bit of Americana. It sports some unique businesses and shops, such as Speedway antique stores such as The Main Attraction Antique Mall, a facility that houses some wonderful antique dealers and display rooms.
Big plans are underway in Speedway’s downtown sector. The small but sparky community is a suburb of Indianapolis, practically encapsulated by the Indiana capital. Since the Indianapolis Motor Speedway, home of the ultra-famous Indianapolis 500-mile race, resides in Speedway, it’s not hard to imagine how much the suburb means to Indy, nor why a large renovation to Speedway’s downtown would draw a great deal of interest from all around.
Plans have been in the works since 2005.
They call for Main Street to be completely renewed, street relocations and roundabouts to be installed and, hopefully, many investors to jump on the bandwagon. The city is primed for the creation of four distinct districts ripe for the growth of business. These developmental districts include the Museum, Entertainment and Retail District, the Town Center District and the IM Speedway District.
When all is said and done, the downtown Speedway sector and the area around the IMS track will be transformed into something of a theme neighborhood, centered, of course, around racing and checkered flags.
Main Street renovations are scheduled to be finished by May of 2011, just in time for the centennial celebration of the first Indy 500. The first stage focuses on Main Street downtown. Improvements include a shiny new roundabout that will connect Main Street to 16th Street and Crawfordsville Road, near the race track. In the center of this roundabout, visitors and residents will be treated to eye candy for photo ops in the form of an Indy Car sculpture and surrounding fountain and landscaping.
Another roundabout in the works is slated for 16th Street and Holt Road, next to the track at Tony Hulman Memorial Way. This roundabout will also have a sculpture and landscaping at its center.
Some 350 acres are involved in the redevelopment project, infusing an enormous amount of beauty and practicality into the town. Projected employment generation is put at about 2,000 full-time jobs and nearly 5,000 temporary positions, good news in a recession environment. But even in an economical crisis climate, city planners already have the money on hand to complete the bulk of the redevelopment. Those in the know expect the newly-metamorphosed area to attract over a quarter of a million dollars from the private sector, and is already looking at some excellent prospects for new Speedway businesses and some attractive Speedway restaurants.
Present Speedway residents, like their forefathers, are working together to produce a town they will love to live in. The Speedway society is rightfully proud of its world-famous racing facility, and intends to create a downtown Speedway environment that matches its stature.