INDIANAPOLIS - A competition designed to transform key components of the former GM Stamping Plant site in downtown Indianapolis is on hold. Indianapolis-based Ambrose Property Group and the Central Indiana Community Foundation are postponing the Waterside Design Competition after the commercial real estate firm announced plans to step away from the $1.4 billion project.

The three finalists for the project were announced in May. They were tasked with designing an adaptive reuse of the area known as "Crane Bay" on the former GM site. The competition was meant to serve as the kickoff of the redevelopment of the former GM Stamping Plant site.

The finalists - Hood Design Studio, SCAPE, and Snøhetta - were slated to give their final public presentations this week, with a winner being decided by a jury of community stakeholders and national experts.

"Ambrose Property Group and Central Indiana Community Foundation, in partnership with Exhibit Columbus, have decided to postpone the Waterside Design Competition Juried Presentations scheduled for Wednesday, Oct. 2," the organizers said in a joint statement Monday. "Ambrose will not be the long-term owner of Waterside, however, the three organizations hope to work with Hood Design Studio, SCAPE, and Snøhetta to explore opportunities to meaningfully advance important conversations about design for our city. We are thankful for the designers’ work on this project and the important role they play in strengthening arts and culture in Indianapolis."

Ambrose and the CICF did not provide a time frame for the competition to continue.