Former GM Site Ripe For ‘All Different Types’ of Development
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.