Ambrose Finalizes Purchase of Indianapolis Former GM Plant
The company plans to develop a new district on the site which will include office, retail and residential space, as well as a hotel and several public recreational places.
By Roxana Baiceanu
Ambrose Property Group has completed the purchase of former Indianapolis General Motors stamping plant site. The company plans to launch a $550 million development project, which will transform the long-abandoned area into a thriving district.
In May 2017, the site’s previous handler, RACER Trust, selected Ambrose as the developer of the site. The company announced its intention to buy the property toward the end of last year.
A milestone for Indianapolis
The land on which the stamping plant is located, along the White River, measures slightly more than 100 acres. It is bordered by Harding Street, Oliver Avenue and West Washington Street. The site is expected to become a dynamic district, which will include office, retail and residential space as well as a hotel and several public recreational areas.
“This is not just another redevelopment but a regeneration of Indianapolis,” said Andrew Greenwood, senior vice president of development at Ambrose, in a prepared statement.
The acquisition being complete, Ambrose is planning to launch the first phase of the construction by the end of 2018. It is estimated to cost approximately $92.5 million, create more than 1,000 construction jobs and almost an equal number of permanent positions.
“This marks a significant milestone for the continued advancement of Indianapolis,” said City Mayor Joe Hogsett, in prepared remarks. “Over the coming years, the redevelopment of the former GM stamping plant will create new community amenities, drive economic development and uplift the Valley neighborhood.”
Image courtesy of Ambrose Property Group
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