Speedway Town Council Acts on Unfinished Hotel Project

SPEEDWAY, Ind. — The Town of Speedway is considering taking over a long-stalled construction site right next to Indianapolis Motor Speedway.

On Monday, the Speedway Town Council unanimously approved a resolution to authorize the Speedway Redevelopment Commission to acquire the property of the unfinished Wilshaw Hotel.

“I think the council is hopeful that this will get things sped up and get it completed sooner rather than later,” said Speedway Town Council President Nick Sturgeon.

The property is located just outside of Gate 1 on the southwest side of IMS and hasn’t been touched since Fall 2019. The initial plan for the project was a five-story, 127-room hotel.

There’s been no movement on the project for seven years due to multiple project owners and financial challenges. Residents have called the site “an eyesore.”

“I feel the frustration that the community has with the project, and it taking so long, and again, we feel like this is the best step to get the project re-engaged,” said Speedway Town Councilor Nick Sturgeon.

If an agreement with the current owners of the project is not reached by June, the town may pursue taking over the site using eminent domain.

Former Speedway town councilor Jeff Matthews, who recently opened up a coffee shop across the street, told WISH-TV that the current town council and Speedway residents have finally had enough and want to see something develop with the structure.

“I’d like to see a first-floor retail, whether it be a market or another sports bar,” said Matthews. “On the second, third, and fourth floors, I would like to see a parking structure.”

Some residents have suggested that the property be converted into a park, a library, or another hotel.

Once bids or future projects for the site are available, the Speedway Town Council plans to take time for public feedback.