Ambrose Plans $550M Redevelopment of Old GM Stamping Site

Posted: Updated:
(Rendering provided by RACER Trust and Ambrose Property Group) (Rendering provided by RACER Trust and Ambrose Property Group)
INDIANAPOLIS -

A central Indiana developer has reached an agreement to acquire the former General Motors Indianapolis Stamping Plant site and has announced plans for a $550 million, 15-year overhaul of the high-profile property. The RACER Trust, which is handling marketing and the sale of the 103-acre site near the White River, says the proposal from Ambrose Property Group calls for 2.7 million square-feet of redevelopment. Ambrose is proposing residential, retail and office projects on the property, which RACER Trust Redevelopment Manager Bruce Rasher says will "embrace the river."

He tells Inside INdiana Business Ambrose stood out from four other local firms that submitted proposals. "The proposal put forth by Ambrose was fully-consistent with the wishes of the stakeholders and so therefore has a higher likelihood of being supported when it comes to approval," Rasher says. "Also, our independent look into what the market demanded for Indianapolis -- the type of projects being proposed, including residential, and office, and retail -- the intensity of that development was consistent with the current market demand, so we though that they definitely were proposing the kind of development that the market will absorb."

The initial phase of the plans call for 250 multi-family units and RACER Trust says development could begin in 2018. The property, which has been the focus of previously-failed redevelopment efforts, has been vacant since June 2014. Most of the structures on the site were taken down by the RACER Trust in 2014.

Ambrose founder Aasif Bade says "we pride ourselves on having bold ambitions and the drive to see them through, so when an opportunity to re-imagine one of the iconic properties of our hometown was presented, we poured our energy and creativity into seizing it. Like the City and RACER Trust, we wanted to hear from our neighbors what they might envision and, as importantly, whether they support our plan for redevelopment. Once we were satisfied that our vision aligned with that of the community, we were ready to jump in."

RACER Trust was created to sell dozens of sites throughout the country left vacant when GM went bankrupt. It is currently marketing properties in Anderson, Bedford, Indianapolis, Kokomo and Muncie.

RACER Trust Redevelopment Manager Bruce Rasher tells Inside INdiana Business Ambrose stood out from four other local firms that submitted proposals.
  • Perspectives

    • When The Lights Go Out For Large Retail Spaces, How Do You Create a New Land of Opportunity?

      Another day, another retail giant is closing their stores.  As of early April 2019, over 5,900 store closures in the United States were announced according to Coresight Research. 2018 saw over 5,500 closures with 2017 setting the record with 8,139 closures. Debate abounds on what brought down the once popular shopping mall. The internet and ecommerce?  Millennial buying habits? The resurgence of downtown living and re-urbanization?

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (photo courtesy of Pac-Van)

      Pac-Van Makes Another Acquisition

      Indianapolis-based Pac-Van Inc. is once again adding to its portfolio. The storage and office space provider has acquired the assets of Kentucky-based Pier Mobile Storage, though financial terms of the deal were not disclosed.

    • (photo courtesy Parkview Health)

      Hoosier Hospitals Among 'Best Places to Work in Healthcare'

      Seven Indiana hospitals are featured on Modern Healthcare’s list of Best Places to Work in Healthcare. The publication says honorees on the list were selected for their ability to “stand out in their efforts to create an empowered and satisfied workforce.” 

    • Photo courtesy of Portillo's

      Portillo's to Open Fort Wayne Location

      Portillo's Restaurant has announced it will open a new 7,800-square-foot restaurant in Fort Wayne. The location will be near the Glenbrook Square Mall and is slated to open in late 2019. 

    • Greenwood Mayor Mark Myers

      Mayor: Cummins Project Will Have 'Huge Impact'

      The mayor of Greenwood says a planned investment from Columbus-based Cummins Inc. (NYSE: CMI) for a new office in the Johnson County city will have a huge impact. The engine manufacturer announced Thursday it is investing $35 million to construct an digital and information technology hub near I-65 and County Line Road, which will house some 500 workers, with many earning six-figure salaries. In an interview with Inside INdiana Business Reporter Mary-Rachel Redman...

    • (photo courtesy of Reid Health)

      Reid Health To Acquire Fayette Regional Health System

      Reid Health has entered into an agreement to acquire the assets of Fayette Regional Health System of Connersville. The announcement comes after Fayette Regional filed for protection under Chapter 11 in October 2018. Specific terms will be disclosed in the bankruptcy case and will include a $12.75M payment to the bankruptcy estate of Fayette. The deal requires bankruptcy and regulatory approval and is expected to be finalized in mid-July this year.