SPEEDWAY — It's been sitting there for months — the unfinished, stalled, but much anticipated new hotel in Speedway.
It's located right across from the Indianapolis Motor Speedway and was initially scheduled to be finished and open by now.
It has been almost a year since anyone has seen construction crews working on the hotel and some people are wondering when, if ever, it will be finished.
"I don't think I've ever seen people working at the construction site," Leanne Stephan, a Speedway resident, said. "I moved in last fall. Nothing has ever been built since I moved in."
"It's kind of an eyesore but it's probably got the making of something really spectacular if it's finished," Ricky Howerton, a Speedway resident, said.
People who live in Speedway now wondering what is next for this prime piece of real estate right across from IMS.
"I think out of all the corners in Speedway this is probably the most iconic, right at the main entry to the Indy 500," Howerton said.
Back in January, town leaders said the developer, Loftus Robinson, was facing financial issues but they were expecting the company to submit a catch up plan to get the project back on track. It is unclear if that happened.
Town leaders provided an update at a redevelopment commission meeting last week saying the contracts are being reviewed by legal teams, but there is a potential partner in place that is negotiating with Loftus Robinson and if that works out it could get the project moving again.
"I think it's a great area for a hotel," Howerton said. "I think that anyone who came here to stay for any of the events at IMS that would be for sure the best place to stay."