A Georgia-based hotel development firm is trying to bring a development project near the Indianapolis Motor Speedway back to life.
Hotel Equities told the Speedway Town Council that it hopes to take over construction of the Wilshaw Hotel.
Speedway Economic Development Director Tim Gropp said the project has been through years of delays.
“It’s a very complicated project and that’s what we’ve tried to express to the public and our citizens is that there are so many players and parties involved and they all had different things owed to them and promised," Gropp said.
Gropp said the latest update is promising news to bring the project closer to completion.
“We are landlocked small community within Marion County. We’re one of the excluded cities and towns, and we only have so much room to redevelop, and we really don’t have a chance to grow," Gropp said. "So this was a really big project for us and a centerpiece and you couldn’t have a more iconic spot with more visibility than at the corner of 16th and Main in Speedway.”
Hotel Equities emphasized that it plans to maintain the hotel’s current footprint, which involves a five-story, 127-room hotel under the Hilton Tapestry brand.
If the deal is finalized, Hotel Equities anticipates resuming construction in spring 2022 with an anticipated competition date in 2023.
The meeting with the town council comes at a critical time for the project. In Feb. 2021, the Speedway Redevelopment Commission engaged outside counsel to pursue a resolution with Loftus Robinson, the original developer, in completing the project.
Officials say since then, the town and project partners have explored all potential options to complete the hotel.