INDIANAPOLIS (WISH) – Redevelopment plans are now underway for the former General Motors Stamping Plant in downtown Indianapolis after a buyer was selected.
RACER Trust announced Tuesday that they have come to terms of agreement with Ambrose Property Group for the sale and development of the former GM plant.
According to RACER Trust, Ambrose Propery Group plans to invest more than $550 million over 15 years to restore and develop the facility. Included in Ambrose Property Group’s plans are office and retail space, a hotel, community green space and the creation of public recreational opportunities along the White River.
RACER Trust says the first phase of the project is expected to include 250 multi-family residential units. More than 900 full-time jobs are expected to be created at the project’s completion.
Some people in the neighborhood told 24-Hour News 8 this was a long time coming.
“Hopefully taking it from metal structures to a very nice setting for the community,” said Jayne Boudia Shoulders, who owns a car lot right across the street.
“We’re surrounded by a church and a school which is very nice. The community has kind of gone downhill as far as the economics,” she said.
Boudia Shoulders said she’s looking forward to change after learning about plans to redevelop the former plant.
“The shops and such, hopefully it will boost the economy around the valley,” she said.
“I’m glad it’s not going to be a jail,” said Tabatha Thorne. who works at JL Sales. “It was going to be a jail. We had a petition and now it’s not going to be.”
Thorne said she’s heard a lot of different plans for the property over the years.
“I think it’s going to do well. The neighborhood really needs something good around,” said Thorne. “I think that will bring a lot of business, different food things, and a lot of different attractions. I just think it’s a good opportunity all around.”
Construction is expected to start sometime next year.
RACER Trust, which was created to help position formerly GM-owned properties and facilities before its 2009 bankruptcy, originally called for bid submissions in February.
The plant, which sits on 103 acres on the edge of the White River, directly west of the central business district, was the site of a GM manufacturing operation until June 2011.