Developer Announces Plans For 'Historic Bookend'Posted: Updated:
A developer is looking to give a prominent property a second chance in Speedway's Main Street district. Speedway Rosner LLC plans to invest more than $1 million into a project including office, retail, restaurant and commercial space at the site of the historic Rosner Building. December 18, 2014
SPEEDWAY, Ind. - The Speedway Redevelopment Commission secured an agreement with Speedway Rosner LLC to renovate Speedway's iconic Rosner building and develop 15,000-square-feet of new retail, restaurant and office space on Main Street. The new development will also include the demolition and development of the existing building between the Speedway Town Press and Rosner building on Main Street.
Speedway Rosner LLC is owned by Paradigm Real Estate Investments, an Indianapolis-based commercial real estate investment and management firm, which will oversee the construction project during the coming months. The property will ultimately be released for commercial leasing. The group will keep the fa?ade of the Rosner building and transform the surrounding area into a two-floor structure. The completed building's capacity will be able to accommodate retail shops or restaurants on the street level, and office space on the second floor. The parking lot on the east side of the 15th and Main Street intersection will provide sufficient parking space for customers and workers.
"We have taken great care in putting together a plan that directly satisfies market needs of the subject property and lends opportunities for shared growth and profit in the area," said Brent Benge, president and CEO of Paradigm. "We are excited to move forward in our partnership with the Town and look forward to helping Speedway reach yet another milestone in its Main Street redevelopment."
This project is part of a long line of announcements for Main Street this year, including the recent developments of Rolling in the Dough and Daredevil Brewing Co., the A.J. Foyt Racing facility, Main Street roundabout and Speedway Arts Centre.
"We have been working on securing an agreement for several years," said Vince Noblet, commission president. "This location is much more prominent as a result of the new Main Street roundabout, which will help foster growth within the existing business community and encourage development of new enterprises."
The Rosner building serves as an iconic bookend to Main Street, settled by the new roundabout to the north and the longstanding Allison Transmission to the south. Real estate renderings for the new development space will be showcased on window clings during construction.
"With the addition of mixed-use office, retail and commercial development, Main Street will be an even more vibrant, thriving and attractive downtown destination that establishes a more walkable community, accessible to residents and visitors on foot or bike," said Gary Raikes, President of the Speedway Town Council.
The Commission will be publishing a request for proposal for the southeast corner in the coming months.
About Speedway Redevelopment Commission
The SRC consists of five volunteers appointed by the Speedway Town Council. Using input from the entire community, the commission is charged with developing a plan to revitalize a 700-acre area, including Speedway's Main Street and the large area to the northwest termed Area 2. More information about the SRC is available at www.speedwayindiana.com.
Source: The Speedway Redevelopment Commission