INDIANAPOLIS - The Indianapolis-based developer of the city's former GM Stamping Plant site says it's excited about the $1.4 billion downtown district sitting next to a "major natural asset." Ambrose Property Group Senior Vice President Andrew Greenwood says the Waterside development will embrace the White River, which he believes "historically the city and the state have kind of turned their back on." He says the river will provide recreational opportunities at Waterside, which will include housing, hotel, office and retail space.

During an interview with Inside INdiana Business Reporter Mary-Rachel Redman, Greenwood talked about the site's rich manufacturing history. He says the neighborhood housed buggy manufacturing in the 1800s, and the first winning vehicle of the Indianapolis 500 was built in the neighborhood. During its heyday, Greenwood says the GM Stamping Plant provided more than 6,000 jobs, adding Waterside hopes to double that over the next 15 years.

On Friday, Ambrose announced it is greatly expanding its vision for the space, growing from a $550 million investment detailed last year to a new estimate of nearly $1.4 billion. Current plans include 1,350 housing units, 620 hotel rooms and nearly three million square feet of office and retail space.

Ambrose also used Friday's event to announce the new Waterside name for the development, as well as one of the project's first infrastructure changes. The plan involves rerouting White River Parkway to run through the development and open up the riverfront with a promenade and recreational space.