Ambrose Property Group has selected JLL as the leasing partner for its massive redevelopment of the former GM Stamping Plant in Indianapolis. The project, known as Waterside, is expected to take 15 years and should see more than $1 billion in development.
Ambrose plans to deliver a new downtown district that will include destination and entertainment retail, office space, a variety of residential units, hotels, community green space and public recreational opportunities along the water.
The JLL leasing team will include several real estate experts across multiple sectors including office, retail, hotel and multifamily.
“This is a monumental milestone for Indianapolis, and we are extremely excited to be partnering with Ambrose on what is truly a historic redevelopment project,” said Adam Broderick, managing director and JLL’s Indianapolis market lead, in a statement. “This project is going to redefine downtown Indianapolis and we are thrilled to help support Ambrose’s vision and bring an outstanding roster of tenants to both this project and the community.”
Ambrose purchased the 103-acre site in March from RACER Trust, which was responsible for cleaning up and selling the property that had been vacant since GM shuttered operations in 2011. During the next 15 years, Ambrose plans to build housing units, including apartments and for-sale homes, as well as hotel rooms, 2.8 million square feet of office space and in excess of 100,000 square feet of retail.