For longtime residents such as Ed Frazier, Thursday was a historic day in Speedway.

In front of a backdrop of workers, government and business leaders from Speedway and Marion County broke ground on a $6.7 million Main Street improvement project.

But the ceremonial groundbreaking was much more than the start of another street project to those, who for the better part of four years, have awaited signs of progress for the aging town of 12,000 residents on the Westside.

“It is a dream come true,” said Frazier, a 50-year resident. “Speedway has been in the doldrums for the last 10 to 15 years, and now we are going someplace. This work is our first tangible evidence. I’m just so pleased.”

Thursday’s ceremony, attended by nearly 100 people, was the kickoff for the town’s $500 million revitalization effort.

Planners envision a vibrant Main Street with sidewalk cafes, high-end restaurants, race-related experiences and improved shopping options in renovated building fronts.

The plan also calls for new office buildings, a multistory parking garage and new lighting, landscaping and pedestrian-friendly pathways.

Civic leaders believe their public investment will help trigger $263 million in private funds throughout the 400-acre redevelopment site directly south of the Indianapolis Motor Speedway at the corner of 16th Street and Georgetown Road.

An estimated 2.5 million square feet of new, mixed-use space will be available in the redeveloped area.

Financial consultant Crowe Horwath estimates the project will create more than 2,000 jobs and a 10-year economic boost of $5.2 billion.

Local leaders expect the redevelopment to complement the racetrack, making the area a destination for visitors and a source of pride for residents and business owners.

“The future of Indianapolis is taking our strengths and building around them,” David Wu, policy director for Indianapolis Mayor Greg Ballard, said during Thursday’s groundbreaking. “So what would make more sense than to build up the areas around where the ‘Greatest Spectacle in Racing’ is held?”

Speedway’s plans already have caught the eye of some new business owners.

Scott Harris, executive director of the Speedway Redevelopment Commission, said he expects to announce some new businesses committing to the Main Street area within a few months. He wouldn’t disclose the names but indicated they would be in the restaurant and motor-sports industries.

The Main Street road construction project, which began Wednesday, should be completed by May 2011, in time for the 100th anniversary of the first Indianapolis 500. The road work will occur in four phases, and local access to the area will continue throughout the project, Harris said, with no work occurring during May or during Brickyard 400 week in July.

Other infrastructure improvements will follow, including the realignment of 16th Street, now set to begin next summer and expected to finish by November 2011; a Holt Road extension; a 10th Street realignment; and the closing of Georgetown Road between 16th and 25th streets to add a linear park meant to serve as a buffer from the track.