Waterside Developer to Offload Project

Posted: Updated:
(Rendering Provided/Ambrose Property Group) (Rendering Provided/Ambrose Property Group)
INDIANAPOLIS -

The redevelopment of the former GM Stamping Plant in downtown Indianapolis has hit a snag. Indianapolis-based Ambrose Property Group has announced a shift in its business focus, which includes the sale of its mixed-use and office projects, including the $1.4 billion Waterside project. The commercial real estate firm says it intends to focus on e-commerce and industrial development.

In a statement released Friday, Ambrose Property Group Founder and Chief Executive Officer Aasif Bade said, "We believe that a focused approach on one segment of real estate development is best for our investors, our clients, employees and the communities where we invest."

The Waterside project involves the transformation of the 100-acre former GM site into a mixed-use development to include 1,350 housing units, 620 hotel rooms, and nearly 3 million square feet of retail and office space. "Waterside, located within an Opportunity Zone, is poised for success and ready for long-term and large-scale vertical development. Ambrose expects to see significant local and national interest in this opportunity"

Bade said Ambrose has the Indianapolis and Chicago offices of international real estate firm JLL to begin the process to sell Waterside. 

"We thank members of The Valley and West Indy for their engagement over the past several years," Bade said. "We are proud of the work we’ve done together, and we look forward to seeing what will come from the largest redevelopment opportunity in our city’s history. We hope a new owner will be warmly welcomed by the community and be afforded consideration for necessary incentives from the city and state - as we have - that align with a project of this size and scope."

An international design competition for Waterside is ongoing, with design concepts to be unveiled next week. The finalists for the Waterside Design Competition, which also involves the Central Indiana Community Foundation, Exhibit Columbus, and Lilly Endowment Inc., were announced in May.

Indianapolis City-County Council President Vop Osili released a statement following the announcement:

I was disappointed to learn that the Waterside development will no longer move forward as planned. I want to thank Ambrose for their serious and intentional engagement with the surrounding community. Moving forward, it is my intention that our neighbors continue to be included in this process. The GM Stamping Plant site is a unique asset in the heart of our city that, if done right, can transform our downtown for a generation or more. I stand ready to work with Mayor Hogsett, our neighbors, and other stakeholders in next steps to develop the site.

A potential timeline for the sale of the project was not provided.

  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.

    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

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to IU, Second Largest in School History

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • The multi-year road project stretched from Bloomington to Indianapolis.

      I-69 Road Project Update

      The Indiana Department of Transportation has scheduled three public meetings for next week to update the community on the I-69 Section 6 road project.    Section 6 is an approximately $1.5 billion new interstate project stretching from Martinsville to I-465 in Indianapolis.

    • Chrissy Vasquez and Adam Ramsey

      Indy Reads Adds Staff

      Indy Reads Books has hired Chrissy Vasquez (pictured) as chief development officer to oversee marketing, development and the store. Also, Adam Ramsey (pictured) has been named manager of engagement, specializing in story telling through video and social media. Vasquez previously served as executive director and vice president of operations for Back on My Feet.  

    • Purdue Global Now Offers Analytics Degree

      The U.S. Bureau of Labor Statistics reports that jobs in the field of data analysis are projected to grow 26 percent over the next ten years. Acting upon that data, Indianapolis-based Purdue University Global has launched a new Bachelor of Science degree program in analytics.