Inside sources revealed today that the Indianapolis Motor Speedway has increased its assets dramatically with the purchase of a number of business properties adjacent to its existing holdings on the south side of 16th Street Persons familiar with...
Inside sources revealed today that the Indianapolis Motor Speedway has increased its assets dramatically with the purchase of a number of business properties adjacent to its existing holdings on the south side of 16th Street Persons familiar with the area may recall that the speedway bought the old Speedway Shopping Center under the Joe Cloutier presidency. This site has been completely overhauled and now serves as the headquarters of the IRL as well as a TV station and the State Motor Vehicle license branch.
The purchase unveiled today begins at the west side of the creek which is the Classic Motel, formerly a Holiday Inn. Polco Street runs southward at this point, becomes Grand Avenue, and ultimately becomes Gasoline Alley where many race shops are located.
From Polco and 16th lies American Art Clay, a large manufacturer of art and ceramic supplies. This property was included in the new acquisition. This segment abutts a parcel currently owned by the speedway now used for employee parking. Old timers will remember this parcel as the location of an annual carnival that caused much embarrassment to the community until the land passed into the speedway's control.
The final parcel is the Steak & Shake Restaurant which closed its doors Monday at 2:00 PM as television crews from local stations recorded the scene.
The property acquision unveiled today results in the speedway owning the entire southside of 16th Street from the stream which runs through the golf course to the Starvin Marvin Speedway Gas Station, except for Jim Bob Lubbert's Speedway Monogramming store.
Other property which came into the speedway umbrella was the old City Farm north of 21st Street on the East side of the railroad and is now being revamped and used as a nursery and material storage yard.
Properties controlled by the speedway are usually managed under a company known as Georgetown Realty.
-Len in Indy