The acquisition of the former General Motors stamping plant property near downtown Indianapolis is now complete. Indianapolis-based Ambrose Property Group, the developer approved by the site’s previous handler RACER Trust, is planning to launch a $92.5 million first phase of construction by year’s end. The agreement was first announced last year, but it required a long-term vetting process by the city and the trust before Ambrose could take ownership.
The developer’s proposed vision for the long-abandoned site calls for a $550 million planned transformation that is expected to take 15 years. In all, the Ambrose plans include some 2.7 million square-feet of residential, office, commercial, hotel and retail assets on the 103-acre site near the White River. Phase 1, Ambrose says, could lead to over 1,000 construction jobs and 900 permanent jobs.
Senior Vice President of Development Andrew Greenwood says "this is not just another redevelopment but a regeneration of Indianapolis. The site is a blank slate with endless possibilities, and we are excited to continue partnering with the residential and business communities as we strive to make this a dynamic and world-class urban district."
The remaining buildings on the old GM site were removed by Michigan-based RACER Trust in 2014. The group was formed in 2009 to market and prep for redevelopment the many GM properties throughout the country left vacant following the automaker’s bankruptcy.