INDIANAPOLIS - A central Indiana developer has reached an agreement to acquire the former General Motors Indianapolis Stamping Plant site and has announced plans for a $550 million, 15-year overhaul of the high-profile property. The RACER Trust, which is handling marketing and the sale of the 103-acre site near the White River, says the proposal from Ambrose Property Group calls for 2.7 million square-feet of redevelopment. Ambrose is proposing residential, retail and office projects on the property, which RACER Trust Redevelopment Manager Bruce Rasher says will "embrace the river."

He tells Inside INdiana Business Ambrose stood out from four other local firms that submitted proposals. "The proposal put forth by Ambrose was fully-consistent with the wishes of the stakeholders and so therefore has a higher likelihood of being supported when it comes to approval," Rasher says. "Also, our independent look into what the market demanded for Indianapolis -- the type of projects being proposed, including residential, and office, and retail -- the intensity of that development was consistent with the current market demand, so we though that they definitely were proposing the kind of development that the market will absorb."

The initial phase of the plans call for 250 multi-family units and RACER Trust says development could begin in 2018. The property, which has been the focus of previously-failed redevelopment efforts, has been vacant since June 2014. Most of the structures on the site were taken down by the RACER Trust in 2014.

Ambrose founder Aasif Bade says "we pride ourselves on having bold ambitions and the drive to see them through, so when an opportunity to re-imagine one of the iconic properties of our hometown was presented, we poured our energy and creativity into seizing it. Like the City and RACER Trust, we wanted to hear from our neighbors what they might envision and, as importantly, whether they support our plan for redevelopment. Once we were satisfied that our vision aligned with that of the community, we were ready to jump in."

RACER Trust was created to sell dozens of sites throughout the country left vacant when GM went bankrupt. It is currently marketing properties in Anderson, Bedford, Indianapolis, Kokomo and Muncie.