Speedway Banking on Major Makeover

Speedway’s town manager says he and others are focused on the community being defined by "more than a day in May." Ian Nicolini says there is currently around $100 million in economic development taking place to complement existing assets like the Indianapolis Motor Speedway, multiple racing team headquarters and emerging businesses like Big Woods Brewing Co. He says town leaders are trying to channel the growth of the city’s early days, when it was considered by some as "the pinnacle of urban planning."

During an interview on a special edition of Inside INdiana Business Television at the Indianapolis Motor Speedway, Nicolini said ongoing projects include housing, retail and parking. While most of the development is on Main Street, he adds there is a growing focus on the I-465 area in hopes of creating another economic anchor.

New projects are illustrating ongoing momentum in the Marion County town. Last month, Wilcox Environmental Engineering Inc. said it would move its headquarters from Indianapolis to the historic Rosner building in Speedway’s Main Street District. Indianapolis-based Paradigm Real Estate Investments is underway with a $2.5 million redevelopment effort for the property.

Just days later, the owners of Brown County-based Big Woods Brewing Co. opened its Speedway location. Big Woods Speedway, which includes a beer garden and restaurant, could ultimately employ about 75 workers.

Another major ongoing project is a $50 million mixed-use development near the Indianapolis Motor Speedway. The "Wilshaw" is a tribute to three-time Indianapolis 500 winner and former IMS President Wilbur Shaw. The development will include 150 apartments, retail space and a parking garage.