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Speaker 1: It's been a long installed hotel project, and there's finally

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Speaker 1: some movement happening with it. We saw it. We went

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Speaker 1: to lunch. Where do we go Bourbon and barbecue Speedway?

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Speaker 2: Yeah, right there on Main Street and Speedway.

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Speaker 1: Just stick barbecue by the way.

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Speaker 2: Yeah, just down the road from this this mess of

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Speaker 2: a hotel that we're talking about right now.

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Speaker 1: Yeah, it's this building. It's pretty much been abandoned and

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Speaker 1: it sits right across the street from the main entrance

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Speaker 1: to IMS prime location, and residents and also businesses have

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Speaker 1: had enough. I mean, this building has sat unfinished since

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Speaker 1: around twenty nineteen, and there's good reason that a lot

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Speaker 1: of the local business owners and the residents are frustrated

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Speaker 1: because it's just a stalled project and it's an eyesore

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Speaker 1: and there could be a flourishing business there. Yeah.

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Speaker 2: And so let's go through the history of this. About

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Speaker 2: twenty fifteen twenty sixteen, these developers pitched this big mixed

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Speaker 2: used project apartments and retail and parking and a hotel,

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Speaker 2: and in twenty nineteen most of it was opened. The

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Speaker 2: apartments opened, a lot of the retail was there. You

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Speaker 2: talked about. We just went, you know, some great restaurants

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Speaker 2: there on Main Street and Speedway and the hotel construction

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Speaker 2: started and then it kind of died in twenty nineteen.

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Speaker 2: It got caught up into this legal battle between the

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Speaker 2: original developer, new firms trying to take over, and then

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Speaker 2: creditors that were suing over unpaid debts. Meanwhile, the Town

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Speaker 2: of Speedway really hasn't been able to do anything because

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Speaker 2: they don't own the project. They're not part of that

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Speaker 2: as far as an ownership standpoint. Everything else has been

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Speaker 2: torn up and kind of sidetracked by these legal battles.

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Speaker 2: But now finally maybe we might start to get some

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Speaker 2: progress off.

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Speaker 1: So the Speedway Town Council they planned to take steps

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Speaker 1: to either negotiate with the current owner or pursue legal

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Speaker 1: options to regain control of the property, including possible eminent domain.

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Speaker 3: This imminent domain, I would guess, I would call somewhat

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Speaker 3: of a thread at this point as hopefully you know,

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Speaker 3: getting everyone's attention that you know, we're not going to

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Speaker 3: just keep kicking the can down the road.

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Speaker 1: It's not fair to us and it's not fair to

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Speaker 1: our citizens. That's true. They need to get some sort

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Speaker 1: of resolution because this could be a gem right there.

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Speaker 1: In Speedway right now. It's an eyesore right in front

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Speaker 1: of the biggest racetrack in the world.

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Speaker 2: Yeah, people projected if that hotel was operating, it would

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Speaker 2: be worth fifty to one hundred million dollars.

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Speaker 1: You're listening to ninety three WIBC