Ambrose Property Group has completed its purchase of the former Indianapolis GM stamping plant site from RACER Trust. In May of 2017, Ambrose agreed to acquire the site from RACER after it was selected as the developer for the site following a six-month review and vetting process by RACER and the City of Indianapolis.
Ambrose plans to create a new downtown district that will include office, commercial and retail space, residential housing, a hotel, community green space and public recreational opportunities along the White River. The site is bordered by Harding Street, Oliver Avenue, West Washington Street and the White River.
Ambrose expects the first phase of the project to cost about $92.5 million, creating more than 1,000 construction jobs and more than 900 permanent jobs upon completion. Construction is slated to begin later this year.
RACER Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy.
Ambrose has worked closely with the Valley community – the residential neighborhood just south of the former stamping plant – as it continues redevelopment of the site.