SPEEDWAY — The Speedway Town Council says it will introduce an ordinance Monday that would authorize the tow to issues a $2.5 million loan to help bring the Wilshaw Hotel closer to completion.
For more than three years, the hotel's skeleton has sat on the corner of Main and 16th in the heart of Speedway. Construction has been stalled since 2019.
“The current economic climate with inflation, rising interest rates, and higher costs due to supply chain disruptions poses a unique set of challenges across all market sectors, including hospitality and tourism,” said Speedway Town Manager Grant Kleinhenz. “This short-term loan is a creative financing tool to build this hotel, which we believe continues to be the highest and best use for this site.”
If the ordinance is approved, the Town and hotel developer would enter in an agreement contingent on the developer getting outside funding. Once that funding is done, the town says construction is set to begin.
In October 2022, WRTV spoke to multiple residents and business owners frustrated by the delays.
Todd Cook, the town’s Economic Developer, told WRTV's Kelsey Anderson that the #1 question he gets is about when the hotel will be complete.
Signs say the Wilshaw Hotel is opening this year, but Cook said that’s not likely.
“2023 might be pushing it. I think it’s about an 18-month project,” Cook said.
That timeline is after they get the financing they need.
“At completion, this hotel will leverage the town’s strategic upgrades and improvements to Main Street, as well as the recent improvements that the Indianapolis Motor Speedway has made to its premier venue. A hotel at that site promises to boost tourism opportunities beyond the month of May, right in the heart of Speedway," Kleinhenz said.
PREVIOUS | April 2019:New hotel opens in Speedway and another is on the way | September 2019:Work on Speedway hotel to resume soon for a 2020 summer opening | October 2019:Stalled hotel construction project in Speedway frustrates residents | December 2019:RTV6 getting answers as deadline approaches for response from Speedway hotel developer | January 2020:Six months later, Speedway still waiting for construction to continue on hotel | July 2020:Community still waiting on hotel project in Speedway | September 2020:New life for stalled Speedway hotel project | November 2021: Construction to finally resume next spring on stalled Speedway hotel project
