InsideINdianaBusiness.com Report

Indianapolis-based Mansur Real Estate Services Inc. has been chosen to be the master developer for Speedway's redevelopment project known as "The Speed Zone." The project includes the re-routing of 16th Street, which is expected to begin in mid 2008.

Commission ("SRC") President, Scott Harris, today announced that the SRC has selected Mansur Real Estate Services Inc. ("MRES") as master developer for the town's one-half-billion dollar redevelopment project known as "The Speed Zone."

Mansur, based in downtown Indianapolis and co-founded in 1982 by current CEO Lee Alig, has developed an impressive array of projects including office towers (Market Tower), hotels (Omni Severin), golf course communities (Hamilton Proper in Fishers), and numerous historic redevelopment or adaptive reuse projects such as Farm Bureau Insurance headquarters, WellPoint headquarters on Monument Circle, and the well-known Lockerbie Marketplace development downtown, home to O'Malia's grocery.

In 2005 MRES was the only Indiana company to be nationally recognized by the Washington, D.C. -based Urban Land Institute for its work as master developer of Fall Creek place, a collection of several neighborhoods totaling more than 400 new homes on the near northside of Indianapolis.

According to Harris, "Mansur Real Estates Services has everything we are looking for: experience, construction and design capability, and national relationships to help us market the property, and a strong vision. Additionally, MRES has the knowledge base and creative acumen to provide us with the most appropriate development options and help the SRC make the wisest decisions for our taxpayers, fellow public officials, our business and educational communities, including Allison, Praxair and the IMS. While the other presentations were very strong, we believed Mansur's clearly distinguished itself."

MRES President, Charles R. Cagann, describes the project as, "...one of the most ambitious, exciting and challenging we will ever have the privilege of working on. What is truly distinctive about this development, in addition to its various components, is the fact that is allows us to aggregate our core strengths in planning, community development, construction and leasing, and direct them uniformly to create something genuinely and authentically extraordinary. Our entire staff is exceptionally honored by the trust and confidence the Speedway Redevelopment Commission has placed in us. We are committed to justifying their trust."

Elements of The Speed Zone including the re-routing of 16th Street, the extension of Holt Road north to 30th Street, the vacation of Georgetown Road from 16th Street to 25th Street, the revitalization of Speedway's main street, and the creation of dozens of new sites for retail, hotel, industrial and manufacturing facilities, many related to the racing industry. Initial work on 16th Street is expected to begin in mid 2008.

Source: Speedway Redevelopment Commission