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.