Former GM Site Ripe For 'All Different Types' of Development

Posted: Updated:
(Rendering courtesy of Ambrose Property Group.) (Rendering courtesy of Ambrose Property Group.)
INDIANAPOLIS -

The company poised to lead a massive redevelopment of the Indianapolis site where a General Motors stamping plant once stood says there is "not a playbook" anywhere in the world that could guide the vision for the project. Senior Vice President Andrew Greenwood says the purchase of the 103-acre property continues progress on a "once in a generation opportunity."

The development could involve upwards of half-a-billion dollars in investment and take shape over the course of 15 years. Greenwood would not provide specific information about parties interested in locating to the site, but said developers are "open to all different types" of business, residential and cultural options.

In an interview with Inside INdiana Business, Greenwood discussed the expected timeline along the White River. He said infrastructure work, including a new White River Parkway, could begin in the coming months and building construction could be visible soon after. "We haven't ruled anybody in or anybody out at this point in time," he said, "we're really just getting started with the development and just starting to have those conversations."

Greenwood calls the property a "blank slate" and says it provides dynamic possibilities for development. The $92.5 million first phase of the project is expected to involve 1,000 construction jobs and Ambrose expects it will lead to 900 permanent jobs when it's complete. The property was cleared in 2014 by Michigan-based The RACER Trust, which was created to deal with properties left vacant by GM's bankruptcy during the Great Recession.

The site is located on the near west side of the city just outside Indy's inner core. Greenwood says the developer has engaged hundreds of stakeholders throughout the multi-year process that resulted in the acquisition. He says feedback will continue with community and city leaders as the project rolls on.

In January, Indianapolis was named one of 20 finalists for Seattle-based Amazon.com Inc.'s (Nasdaq: AMZN) second headquarters, which could attract more than $5 billion in investment and up to 50,000 jobs. When asked by Inside INdiana Business if Amazon had reached out to Ambrose about the property, Greenwood replied with: "We think it's a great opportunity and we're really proud of Indianapolis and just continue to work with all the organizations, residents and officials to transform this city." Amazon has not announced a precise timeline for its decision, other than to say it is expected this year.

In an interview with Inside INdiana Business, Ambrose Property Group Senior Vice President of Development Andrew Greenwood discussed the expected timeline along the White River.
  • Perspectives

    • Focused Collaboration Leads to Effective STEM Leadership

      As a woman who has built a career in a STEM field, technology, I have come to realize that collaboration is an essential ingredient for organizational growth and survival. As my year serving as president for Women & Hi Tech comes to an end, one of the most impactful takeaways for me has been how a shared vision and strategic partnerships can help change the landscape for women studying science, technology, engineering or math in Indiana.

    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

    • Walmart Details Crawfordsville Layoffs

      Walmart Inc. (NYSE: WMT) has announced plans to reduce its workforce at the Walmart Optical Lab in Crawfordsville. In a notice to the state, the company did not provide a reason for the reduction, but said 108 employees will be out of work by the end of September.

    • EnCom Polymers Investing in Evansville

      Evansville-based EnCom Polymers Inc. is bringing custom plastic production in-house. The company says it will invest nearly $15 million into acquiring the facility it currently leases, investing in new equipment and adding as many as 56 employees by 2021. EnCom Polymers also plans to add four production lines, a testing laboratory and an injection molder. The company currently employs 14 in Vanderburgh County and says it will add 17 positions immediately.

    • Indy Tech Vet to Lead DePauw Center

      DePauw University has tapped an Indianapolis tech veteran to become a part of its leadership team. Steve Fouty, who most recently served as chief financial officer of ClusterTruck in Indy, has been named director of the McDermond Center for Management and Entrepreneurship on the Greencastle campus.

    • Parent Company Seeks to Sell Lids Sports Group

      The Tennessee-based parent company of Lids Sports Group is attempting to sell the headwear and team athletics retailer that is headquartered in Zionsville. Genesco Inc. (NYSE: GCO) says it's part of an effort to focus on its footwear business, which includes Journeys locations in the United States and Schuh stores in the United Kingdom. The company says a strategic review process has found the move would create...

    • Caesars now owns Indiana Grand in Shelbyville and Hoosier Park in Anderson.

      Acquisition of Indiana Racinos Complete

      Las Vegas-based Caesars Entertainment Corp. (Nasdaq: CZR) has completed its $1.7 billion acquisition of Centaur Holdings LLC in Indianapolis. The deal adds Hoosier Park Racing and Casino in Anderson and Indiana Grand Racing and Casino in Shelbyville to Caesars' portfolio. The company says it will invest $50 million into various property improvements and IT upgrades at both facilities. Caesars says it plans to add table games to both properties, pending necessary approvals.