Developer nixes revamping plans for former GM stamping plant site

Developer pulls out of $1.3 billion plan for former GM stamping plant in Indianapolis

INDIANPOLIS (WISH) — A property group originally set to redevelop the former General Motors stamping plant is pulling out of the project.

In a statement released from Ambrose Property Group, the real estate company said it has begun the process to sell the Waterside site, which sits on 103 acres on the edge of the White River, directly west of the central business district.

“Ambrose Property Group is repositioning its business to focus on e-commerce and industrial development both in Indianapolis and nationally,” the company said in a statement. “We believe that a focused approach on one segment of real estate development is best for our investors, our clients, employees and the communities where we invest. “

The developer originally planned to turn the site into a mixed-use space with 1,350 residential units, 620 hotel rooms, 2.75 million square feet of office space and 100,00 square feet of retail.

The group said it hopes a new owner will “be warmly welcomed by the community.”