$50M Project in The Works Near IMS

The property will be located on the north end of the Main Street District in the town.

Plans for a $50 million mixed-used development near the Indianapolis Motor Speedway have been unveiled. The "Wilshaw," which is a salute to three-time Indianapolis 500 winner and former Indianapolis Motor Speedway President Wilbur Shaw, will include 150 apartments, first-floor retail and a 500-space parking garage.

The town’s redevelopment commission says Indianapolis-based development partners Loftus Robinson and Scannell Properties are also considering adding a hotel to the property. It will be located off the southeast portion of the 16th Street roundabout that is diagonal from the IMS.

The project builds on a wave of redevelopment in the district that is located near the Indianapolis Motor Speedway to the north and the Allison Transmission Holdings Inc. (NYSE: ALSN) global headquarters to the south. Others recently complete include the Daredevil Brewing Co. headquarters and brewing operations, a restaurant and tap room from Brown County-based Big Woods Brewing Co LLC and work underway on a big indoor go-cart racing facility run by racing entrepreneur Sarah Fisher. Wilshaw will compliment several other businesses along the street connected to racing, including the Carpenter Fisher Hartman Racing Team office, the Dallara IndyCar factory and an A.J. Foyt Racing Team location.

The town put out requests for proposals for the project in June and narrowed seven potential candidates down to the final selection of Loftus Robinson and Scannell Properties. Construction is set to be complete in 2018.