{"id":1004219232,"date":"2018-04-20T06:40:39","date_gmt":"2018-04-20T14:40:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004219232"},"modified":"2022-12-08T06:02:22","modified_gmt":"2022-12-08T14:02:22","slug":"ambrose-finalizes-purchase-of-indianapolis-former-gm-plant","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ambrose-finalizes-purchase-of-indianapolis-former-gm-plant\/","title":{"rendered":"Ambrose Finalizes Purchase of Indianapolis Former GM Plant"},"content":{"rendered":"<p>By Roxana Baiceanu<\/p>\n<div id=\"attachment_1004219235\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Former-GM-stamping-plant-site-Indianapolis.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004219235\" data-attachment-id=\"1004219235\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ambrose-finalizes-purchase-of-indianapolis-former-gm-plant\/former-gm-stamping-plant-site-indianapolis\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Former-GM-stamping-plant-site-Indianapolis.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Former GM stamping plant site, Indianapolis\" data-image-description=\"&lt;p&gt;Former GM stamping plant site, Indianapolis&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Former GM stamping plant site, Indianapolis&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Former-GM-stamping-plant-site-Indianapolis.jpg?w=800\" class=\"wp-image-1004219235 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Former-GM-stamping-plant-site-Indianapolis.jpg\" alt=\"Former GM stamping plant site, Indianapolis\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Former-GM-stamping-plant-site-Indianapolis.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Former-GM-stamping-plant-site-Indianapolis.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Former-GM-stamping-plant-site-Indianapolis.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004219235\" class=\"wp-caption-text\">Former GM stamping plant site, Indianapolis<\/p><\/div>\n<p>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.<\/p>\n<p>In May 2017, the site\u2019s 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.<\/p>\n<h2>A milestone for Indianapolis<\/h2>\n<p>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.<\/p>\n<p>\u201c<em>This is not just another redevelopment but <a href=\"https:\/\/www.commercialsearch.com\/news\/heavy-demand-powers-development-surge-in-indianapolis\/\">a regeneration of Indianapolis<\/a>,<\/em>\u201d said Andrew Greenwood, senior vice president of development at Ambrose, in a prepared statement.<\/p>\n<p>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.<\/p>\n<p>\u201c<em>This marks a significant milestone for the continued advancement of Indianapolis,<\/em>\u201d said City Mayor Joe Hogsett, in prepared remarks. \u201c<em>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.<\/em>\u201d<\/p>\n<p><em>Image courtesy of Ambrose Property Group<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. <\/p>\n","protected":false},"author":1064,"featured_media":1004219235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,1590,13,21752,21742],"tags":[39801,39804],"class_list":["post-1004219232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-indianapolis","category-midwest","category-mixed-use","category-latest","tag-ambrose-property-group","tag-racer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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