SPEEDWAY, Ind. — The town of Speedway has moved to acquire the Wilshaw Hotel property at the gateway to Main Street through eminent domain, according to a town press release on Wednesday.
After negotiations with the owner, Wilshaw Hotel LLC, did not produce an agreement, the town filed an eminent domain action in Marion Superior Court Wednesday.
The town council set the process in motion in March with a 5-0 vote on a resolution authorizing the Speedway Redevelopment Commission to obtain appraisals, negotiate with the owner and, if necessary, use eminent domain in the town’s name.
The property is located at Main and 16th streets.
Town officials said Wednesday they’ve negotiated in good faith with the owner. After those negotiations, they mailed the owner a purchase offer in July in the form state law requires. They also included the conclusions of value from two appraisals, but the two sides could not come to an agreement.
Town Manager Grant Kleinhenz said they’ve reached a point where the town must act.
“We made a good-faith effort to negotiate an agreement,” he said in a statement Wednesday. “That did not happen. So, we are taking the next step to get this site moving.”
The town has not committed to a specific development project for the property. Town officials said those decisions will not happen without the town securing the rights to the property first.
Should the town acquire the property, it will open a competitive process to determine the right development project.
The town said it will provide additional information and updates online.
Wilshaw Hotel LLC could not be immediately reached for comment.
