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Six months later, Speedway still waiting for construction to continue on hotel

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Posted at 4:55 PM, Jan 08, 2020
and last updated 2020-01-08 18:13:08-05

SPEEDWAY — Speedway leaders said more than six months have passed without any progress on the Hilton Tapestry Hotel across from the Indianapolis Motor Speedway, and they have sent a notice to the developer.

The half-constructed hotel at West 16th and Main Streets looks the same as it did before the New Year, and the same as it did in the fall.

"Nobody is ecstatic that we have such a prominent corner that is basically halfway completed and just sitting there," Speedway economic development director Tim Gropp said. "Everybody is anxious to see this get restarted."

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The hotel has sat untouched for more than 180 days while the community wants for answers from the developer, Loftus Robinson.

According to the economic development agreement between the town and developer, a work stoppage is only allowed to last up to 180 days. So, now, Loftus Robinson must submit a catch-up plan to town leaders.

"We anticipate hearing from them within the next two weeks as far as where they are at with the financing problems that they are facing, as well as the status with their contractor and what their make up plan is as well to get back into compliance and move the project forward," Gropp said.

RTV6 attempted to call the developer and stopped by their office for a response, but we did not get one.

"The best case scenario for this whole project is that the developer works out the financing with their bank or another bank and gets moving re-mobilized with the construction company and starts construction as soon as possible," Gropp said.

Speedway representatives expect to hear from Loftus Robinson in the next two weeks. The hotel is expected to open about a year after construction resumes.

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