INDIANAPOLIS - An Indianapolis-based developer has greatly expanded its original investment plans for the city's former GM Stamping Plant site. Ambrose Property Group's vision now includes projects totaling nearly $1.4 billion, more than doubling the $550 million scope detailed last year. During a community event Friday, the company and Mayor Joe Hogsett announced the name of the more than 100-acre, downtown district: Waterside.

Plans now call for 1,350 housing units, 620 hotel rooms and nearly three million square-feet of office and retail space. Ambrose President Aasif Bade calls it "a once-in-a-generation opportunity to transform how we view downtown Indianapolis." The developer wants White River Parkway to be re-routed so it will run through Waterside and better open up the riverfront with a promenade and recreational area.

Bade adds "it's truly unique with more than 100 acres in an urban core, adjacent to a major waterway and in close proximity to an international airport and major interstates. This area will become a thriving new downtown district, complete with diverse housing and greenspace, restaurants, public art and innovative corporate workspaces."

Mayor Joe Hogsett called the project "transformational" for the city. He added "for decades the GM Stamping Plant was a hub of innovation, community, and work for the near south west side of Indianapolis. Now, through the work of Ambrose, we are seeing momentum that will spur revitalization and growth, engaging neighbors that have generational ties to the area."

Inside INdiana Business will have more on the development online and in our enewsletters.