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Embarrassing for all involved, this disaster will linger for another 3-5 years and continue to be an eyesore
The same thing will happen with the proposed Kimpton Hotel at Pennsylvania and Washington St. downtown. Loftus Robinson was supposed to be developing that and nothing has been done in at least two years if not longer. That’s a shame because Kimpton is a good brand to have.
First, aren’t these ‘developers’ vetted? Why aren’t they required to post some sort of serious security $ before being given the green light (pun intended). The pathetic irony flys in the face of all of the positive development on Main. I would hope that a hotel named for the guy that essentially, along with Tony Holman saved the place after WWII. RP has to be fully aware of this ridiculous situation. It would be great for everyone for him to decide on a legit builder and write a check. This place would do nice business year around. For May, it would be booked 100% at a premium rate. To me, it’s a no brainer.
I was on the board of a local CDC several years ago. It was a pretty small operation, but it is so easy to get into cash flow issues when the first burp happens. If you don’t have just a little discipline or integrity to keep from spending the cash on hand on the next big opportunity (because it will make you even more quick cash) then you will crash and burn the first time you hit a significant bump. It will cascade to all of your other projects like a collapsing Ponzi scheme.
If these are not public companies, then the only scrutiny is from banks doing the lending, and a former President has show how easy that is to manipulate even on a much bigger scale.
what mess
I think RP is too smart to get involved.
Or Penske just waits until it’s abandoned, and then steps in, scoops up the land and whatever work has been done for pennies on the dollar, finishes the project and then makes a tidy profit on it. All while saving the reputation of the Town of Speedway and the IMS.
If having a hotel that close to the Speedway made business sense, the Hulman-George family wouldn’t have closed the Speedway Hotel… and I suspect Penske, if they wanted to go that route, would do so with the land they already own to the south of the Speedway.
https://www.ibj.com/articles/penske-buys-key-parcel-across-from-speedway-with-plans-to-rethink-tracks-front-door
The Speedway Hotel was outdated, and not a business draw. It was too close to the track. Using your own land to build a hotel doesn’t make you look like a saviour. This project pre-dates Penske taking over the track. It’s an eyesore for him as much as anyone else. Once it collapses, he’ll step in, or arrange for someone to step in, and finish it. I suspect IMS will step in, and contract with developers and a management company. Or not, and make a nice parking lot
Penske Entertainment has their hands full with IMS and IndyCar and running an ever increasing number of events. I don’t see how getting into the hotel business helps them, and I think the town of Speedway has more at stake than IMS. I suspect IMS would help the city if asked, but I doubt they want any larger role in any such project. Just my two cents.
After this fiasco and the city of Indianapolis taking over ownership of the hotel under construction at Pan Am plaza I sincerely hope that our local leaders will do a much better job of vetting these developers in the future. Saying you have the resources to do something and proving it are two different things!