Ambrose Amps up Ambition For Old GM Stamping Site

Updated:
Andrew Greenwood is senior vice president of development at Ambrose Property Group. Andrew Greenwood is senior vice president of development at Ambrose Property Group.
INDIANAPOLIS -

An Indianapolis-based developer has greatly expanded its original investment plans for the city's former GM Stamping Plant site. Ambrose Property Group's vision now includes projects totaling nearly $1.4 billion, more than doubling the $550 million scope detailed last year. During a community event Friday, the company and Mayor Joe Hogsett announced the name of the more than 100-acre, downtown district: Waterside.

Plans now call for 1,350 housing units, 620 hotel rooms and nearly three million square-feet of office and retail space. Ambrose President Aasif Bade calls it "a once-in-a-generation opportunity to transform how we view downtown Indianapolis." The developer wants White River Parkway to be re-routed so it will run through Waterside and better open up the riverfront with a promenade and recreational area.

Bade adds "it's truly unique with more than 100 acres in an urban core, adjacent to a major waterway and in close proximity to an international airport and major interstates. This area will become a thriving new downtown district, complete with diverse housing and greenspace, restaurants, public art and innovative corporate workspaces."

Mayor Joe Hogsett called the project "transformational" for the city. He added "for decades the GM Stamping Plant was a hub of innovation, community, and work for the near south west side of Indianapolis. Now, through the work of Ambrose, we are seeing momentum that will spur revitalization and growth, engaging neighbors that have generational ties to the area."

Inside INdiana Business will have more on the development online and in our enewsletters.

  • Perspectives

    • Unmasking Accounting Data: Moving from Reporting to Being Strategic

      What story do our financial statements tell us this month and year, to date? This was the question that was always directed at us by a former manager.  He believed that financial statements tell the story of how a business is run and the direction it’s going. Most businesses publish their profit and loss statements, and balance sheets every month. These are the standard reports included in most reporting packages. Usually, the management tends to believe...
    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

    • Apartment Building Development Coming to Rushville

      A Knightstown company has announced plans to build four new apartment buildings in a $5.25 million development in Rushville. Villa Buildings will be built by KDC Investments, Inc on West 16th Street in Rushville.

    • The Mystery of Cancer in Firefighters: Two Indiana Researchers Uncover Clues

      There’s a lot of conjecture about cancer in the world of firefighting, but a crescendo of anecdotal—and scientific—evidence is driving two Indiana researchers to search for answers. 

    • BraunAbility Moving Global HQ to Carmel

      A manufacturer of wheelchair vehicles and wheelchair lifts in Pulaski County has announced plans to relocate its global headquarters to Carmel. BraunAbility says it will invest $7.5 million to move its HQ to the Lakeside Green Business Center and construct a new Research & Development and Technology Center. The Indiana Economic Development Corp. says the move will create up to 70 jobs in Hamilton County. The company says the investment will also boost its existing...

    • Indy Eleven Rallies For State Stadium Support

      Indy Eleven leadership, players and fans Thursday rallied at the Statehouse for support of a measure creating a public-private partnership to help fund a $150 million soccer stadium. Lawmakers are considering a measure that would allow the team to work with city leaders for two years on development plans for the venue, which would be funded by developer-backed bonds. In an interview with Inside INdiana Business Reporter Mary-Rachel Redman, team owner Ersal Ozdemir said the...

    • Emplify Celebrates Record Growth

      Fishers-based Emplify is touting a record year of sales and hiring growth in 2018. The company, which focuses on employee engagement measurement software, secured $7.5 million in growth investment and says it saw a 156 percent increase in sales last year.