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Indianapolis is My Home

04
Dec

"Speed Zone" Development Moving Forward

Author: Jason Bean, Category: Brickyard 400, Business, Business Entrepreneurs, Indianapolis Motor Speedway, Indy 500, Indy MotoGP, News, Real Estate, Speedway, Sports, US Grand Prix - F1

An article today in the IBJ confirmed that local real-estate developer Mansur Real Estate Services, Inc. has been chosen to lead the redevelopment of the Speedway area to increase the attraction to businesses to come into the area.

I believe they did a tremendous improvement a few years back with the new lamps, median work and other details leading into the Speedway area from off of I-465 on the west side.

I feel anything they can do to further increase the development and commercial viability of that area is going to be worthwhile. What I’m not sure about though is how the residents of the area feel about the development. I know there are a number of people that live right along the main stretch that make a killing by using their property as parking for the hundreds and thousands of race fans that come into the area each year.

With the MotoGP and talks of Formula 1 coming back to the area, I think further developing the area is a plus. I’m sure it’s quite a disruption to the residents of the area though regardless.

Do you live in the area? What do you think? I’d love to hear your thoughts in the comments.

2 Responses for ""Speed Zone" Development Moving Forward"

  1. Indy Observer

    July 15th, 2008 at 8:54 pm

    1

    There’s an organization called SPEED that is made up of businesses and residents who are against the aggressive way the SRC is attempting to accomplish their grand plans. Not the original plan to improve and enhance the newly-declared historic Main St. area, but the ever-expanding redevelopment areas 1, 2 and who knows how many more.
    An underlying ‘benefit’ for the town will be the demise of as many apartments as possible for new commercial development along 465. They’ll get rid of many “undesireables” in the process. It may not cross the line of racism, but the fact that most of the tenants targetted are of color (and poorer than the average townie) can’t be mistaken.
    Use of eminent domain, promises of no rise in taxes accompanying a new TIF district (hah!), and other connivances make many suspect, fearful and angry.
    Go to http://www.speedwaycitizen.com
    You can also get an idea of what the SRC is doing and the impression it is making with what many believe are conflicts of interest between those making the decisions and profitting from them, too.
    Go to http://www.speedwaynavigator.com
    Personally, it’s the grabby way the town is eyeing property they covet outside their boundaries and stealing of township tax base as well as arrogance in general that irks me enough to keep a close eye on this group of my “neighbors.”

  2. Jason Bean

    July 24th, 2008 at 10:00 am

    2

    Interesting points. I’m a little odd though, I’d love for the city to claim imminent domain on my house. Probably the only way I’d get an offer worth close to what I still owe.


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