Ambrose Plans $550M Redevelopment of Old GM Stamping Site

Inside Indiana Business
May 2, 2017

A central Indiana developer has reached an agreement to acquire the former General Motors Indianapolis Stamping Plant site and has announced plans for a $550 million, 15-year overhaul of the high-profile property. The RACER Trust, which is handling marketing and the sale of the 103-acre site near the White River, says the proposal from Ambrose Property Group calls for 2.7 million square-feet of redevelopment. Ambrose is proposing residential, retail and office projects on the property, which RACER Trust Redevelopment Manager Bruce Rasher says will "embrace the river."

Ambrose's $550M Proposal Chosen to Revamp GM Stamping Plant Site

Indianapolis Business Journal
May 2, 2017

Locally based Ambrose Property Group has been selected to redevelop the former General Motors stamping plant property and is proposing a massive $550 million mixed-use project on the site at downtown's western edge.

RACER Trust, the entity charged with choosing a developer for the 103-acre parcel, announced its selection Tuesday morning. It chose Ambrose from four proposals that were submitted.

$550M GM Stamping Plant Site Project to Create 'New District' for Indianapolis

The Indianapolis Star
May 2, 2017

Downtown Indianapolis could be poised to spill west across the White River.

Ambrose Property Group has agreed to acquire the former General Motors stamping plant site. The Indianapolis firm wants to redevelop the 103-acre site into a $550 million project that includes apartments, offices, retail and a hotel. The proposal also includes green space along the river.

RACER Trust: Indy GM Site Could Break Records

Inside Indiana Business
March 20, 2017

The redevelopment manager with RACER Trust says the potential scope of development proposed for the former GM Stamping Plant site in Indianapolis could be the largest in the trust's six-year history. Bruce Rasher says a call for offers that just ended has yielded four groups pitching intensive mixed-use projects on the vacant industrial land along the White River. Rasher says if any of the proposals come to fruition, it "could result in a truly transformative and generational project."

GM Stamping Plant Site Fetches 4 Proposals, Valued Up to $1 Billion

Indy Star
March 16, 2017

The former General Motors stamping plant site in Indianapolis likely will become a mixed-use development with public access to the White River, based on several proposals that have been submitted to the site's owner.

Four Indianapolis developers have offered to buy the 102-acre site and build projects ranging in cost from $500 million to $1 billion, said Bruce Rasher, redevelopment manager for RACER (Revitalizing Auto Communities Environmental Response) Trust. RACER, which owns the site, is reviewing the proposals and hopes to complete a sale by the end of the year.

Four Local Firms Vying to Redevelop Downtown GM Property

Indianapolis Business Journal
March 16, 2017

The entity charged with selling the former General Motors stamping plant site will choose from four proposals—all submitted by local developers— representing an investment of up to $1 billion.

Michigan-based RACER Trust accepted bids until Wednesday from firms interested in redeveloping the 103-acre downtown parcel along the west bank of the White River. The number of offers the trust received was in line with what RACER’s development manager, Bruce Rasher, expected.

Development Taking Off in East-Side Corridor

Indianapolis Business Journal
March 4, 2017

Harrison College has put its downtown campus along East Washington Street on the market and is asking $11.5 million for the two properties—a steep jump from their assessed values but reflective of the area’s increasing potential for growth.

Why Indiana's Government is No. 1 in a New Ranking of States

Indy Star
February 28, 2017

Indiana's government is the best in the nation, according to a new U.S. News & World Report list of "Best States."

The survey ranked the 50 states in seven key categories. Massachusetts' No. 2 ranking in health care and No. 1 ranking in education were key reasons why it's at the top of the list. Indiana ranked No. 22, just behind Delaware and Rhode Island.

GM Stamping Plant Site Owner Sets March 15 Deadline for Offers

Indy Star
February 20, 2017

The owner of the mostly vacant General Motors stamping plant site in Indianapolis has given prospective buyers until next month to submit their offers.

RACER (Revitalizing Auto Communities Environmental Response) Trust, a group formed in 2011 to clean up and sell 89 former GM plant locations, has invited more than 70 developers to bid on the Indianapolis site on an invitation-only basis. The deadline is March 15.

URBAN DESIGN: Turning 100 Acres from Vision to Reality

Indianapolis Business Journal
February 18, 2017

We’re quietly building toward one of the largest opportunities for new urban development in the city’s history, the 103 acres west of downtown and the White River that was formerly the General Motors metal fabrication and stamping plant.

What follows are some things you should know as you evaluate future proposals.

RACER, City See New Downtown Riverfront

Inside Indiana Business
January 17, 2017

The city of Indianapolis and the Michigan-based RACER Trust have big hopes for the former downtown GM Stamping Plant site, and are moving forward with what they expect to be transformative redevelopment of the prominent property. RACER Redevelopment Manager Bruce Rasher says the trust plans to issue a call for offers in the next few weeks for the more than 100-acre site. RACER and the city say they are looking for developers that will capitalize on the White River to create a development, potentially including residential, commercial and outdoor recreational space.

Developers Lay Out Plans for Old GM Stamping Plant Near White River

Fox 59 News
January 17, 2017

City officials, planners and a consultant unveiled their broad plans for redevelopment of the former General Motors Stamping Plant site on Oliver Street near the west bank of the White River.

GM Site Owner Seeks Offers
That Match Neighborhood
Wish List

The Indianapolis Star
January 17, 2017

Memo to developers that want to take on the former General Motors stamping plant in Indianapolis: You better have a plan that gives people access to the White River.

City's Vision Would Relink GM Property to Downtown

Indianapolis Business Journal
January 14, 2017

An iconic architectural landmark that would be a destination and create a gateway to downtown is one of several features city officials want as part of a redevelopment of the former General Motors stamping plant site.

GM Stamping Plant Site Going Back on Block

Indianapolis Business Journal
December 24, 2016

TIF Strategy Shows Savvy

Indianapolis Business Journal
December 10, 2016

We, like all taxpayers, would like to see more development occur in central Indiana without the need for so-called TIF districts.

City Shifts More TIF Risk Onto Developers

Indianapolis Business Journal
December 10, 2016

City-County Council Votes to Expand Downtown TIF District

Indianapolis Business Journal
December 5, 2016

The Indianapolis City-County Council on Monday night approved two proposals that will expand the downtown tax-increment-financing district.

Plans to Develop Old GM Site Get Boost

WTHR
December 5, 2016

Plans to develop the old GM stamping plant on the southwest side of the city are getting a boost.

Council Committee Approves Expanding Downtown TIF

Indianapolis Business Journal
November 21, 2016

With Eye on Surrounding Neighborhoods, City Pushes to Expand Downtown TIF

IndyStar
October 4, 2016

Mayor Joe Hogsett is proposing a major expansion of a Downtown Indianapolis redevelopment district that city planners believe could be transformative not only for Downtown, but also for the struggling neighborhoods surrounding it.

Former GM Plant is Opportunity for City

Indianapolis Business Journal
September 3, 2016

Rarely does a major American city have the type of development opportunity now before the city of Indianapolis. With the help of residents and neighborhood leadership, the City-County Council, business leaders and the market, we intend to take full advantage and achieve an outcome of which all of us will be proud.

Ex-GM Site Attracting 'Intense' Interest

Indianapolis Business Journal
July 2, 2016

The entity tasked with marketing the former General Motors stamping plant site is moving quickly to get the 102-acre downtown property back on the market to capitalize on strong interest from prospective developers.