Trust Seeks Stamping Plant Property Ideas

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The group overseeing redevelopment of former General Motors facilities throughout the country is seeking proposals for the future of the old stamping plant in Indianapolis. The RACER Trust and the city hope to have a deal in place by the end of the year. The trust announced plans earlier this year to demolish the structures on the more than 100-acre site. August 8, 2013

News Release

INDIANAPOLIS — The RACER Trust announced today that it has issued

requests for proposals to redevelop the former General Motors Indianapolis

Stamping Plant property, a 102-acre parcel just across the White River from

vibrant downtown Indianapolis.

The requests were issued to firms with proven expertise in the dynamic reuse of vacant commercial or industrial land. RACER will begin evaluating proposals in late September and, in cooperation with the City of Indianapolis, seek to reach a deal to redevelop the property sometime before the end of 2013.

On June 7, 2013, RACER announced plans to dismantle and remove the obsolete industrial buildings on the property and to market it as vacant land, a strategic shift to capture the property’s best potential for job-creating redevelopment.

RACER is in the process of evaluating bids to clear the property and expects to select a contractor for that work before the end of September.

“We expect the market demand for this property to be substantial, and we look forward to moving toward the sale, beneficial redevelopment and new jobs creation that the reuse of this property will stimulate for Indianapolis and the surrounding area,” said Elliott P. Laws, administrative trustee of the RACER Trust.

“The potential for a property of this size, with its location and countless associated amenities, is limitless.”

The property is directly across the White River from Lucas Oil Stadium, home of the NFL’s Indianapolis Colts.

“As I said over two years ago, this marks one of the greatest redevelopment

opportunities in the history of the City,” said Indianapolis Mayor Greg Ballard.

“The City is eager to continue working with the RACER Trust to find a great

private-sector partner whose vision and investment will bring new activity and growth to downtown Indy.”