The long-delayed Wilshaw Hotel project in Speedway is back on track after a new partnership agreement between current developer Loftus Robinson and MHG Hotels. Indianapolis-based MHG is planning a Hilton Tapestry Hotel overlooking Gate 1 of the Indianapolis Motor Speedway.
Ground was broken on what was originally a $36 million project in May of 2018. The mixed-use development, which will feature the 127-room hotel, as well as 90 luxury apartments and 14,000 square feet of retail space, is now estimated to cost about $41 million
“Over the last year, the Speedway Redevelopment Commission has stayed diligent in evaluating all possible solutions in conjunction with the developers to find a path forward to complete the project that was promised to the community,” said Speedway Economic Development Director Tim Gropp. “We are excited to have MHG partnering in this project as they have proven their ability to deliver quality projects. We are confident they are the right firm to finish the job.”
MHG opened a Courtyard by Marriott in the Speedway Marketplace last year, and also plans to build a Hampton Inn and Conference Center in the new Founders Square development, which is expected to open in 2022.
“MHG owner, Sanjay Patel, and his team have been great partners with the Town of Speedway and we are relieved they have chosen to invest their time and energy to see this project through to completion,” stated Brody Duncan, president of the Speedway Redevelopment Commission. “With their experience and guidance on this project, we look forward to this hotel becoming a significant centerpiece to the redevelopment efforts in our community upon completion.”
The town says construction is not expected to continue until early next year. Duncan adds the next few months will include the developers reviewing the finances of the project, re-evaluating the design and re-bidding some of the work.
Wilhelm Construction remains the contractor for the project and will work in conjunction with MHG Hotels’ affiliated Letap Construction.