The Indianapolis Motor Speedway is getting a new neighbor.
Loftus Robinson and Scannell Properties has been selected by the Speedway Redevelopment Commission to build a mixed-use project on the south side side of W. 16th Street, directly across from IMS. The five-story building will house about 150 apartments and 10 condominiums, a 500-space parking garage and retail space on the first floor.
The developers are also pursuing a hotel for the project.
The building, which draws design inspiration from existing Main Street buildings, including the original Allison plant, will be named for Wilbur Shaw, the last native Hoosier to win the Indianapolis 500. Shaw, who was born in Shelbyville in 1902, won the 500 in 1937, 1939 and 1940.
"Speedway has long worked to partner with a group to develop this land, and we are delighted with what Loftus Robinson and Scannell Properties have presented," said Speedway Town Council President David Lindsey.
"The Wilshaw project will define the north end of our Main Street and position us well for other exciting changes to occur in this area," said Speedway Redevelopment Commission President Vince Noblet.
Construction is slated to begin next summer and be completed in 2018.
