News $1.38 Billion in Development Planned for New Downtown District

White River Parkway reconfiguration to activate waterfront at former GM stamping plant, challenging conventional notions of city building


Citing the waterfront as its most valuable asset at the former GM stamping plant site, Ambrose Property Group on Friday unveiled its vision for guiding more than $1.38 billion in development for downtown Indianapolis’ newest district. With Waterside, Ambrose will challenge conventional notions of city building, harnessing the power of design, nature, and urban planning to transform and expand the urban core of Indianapolis.

One of the project’s first – and most important – infrastructure changes will be the reconfiguration of White River Parkway, just south of West Washington Street, so that the parkway goes into Waterside before heading south to Oliver Avenue. By moving the road away from the White River, the waterfront property can be expanded and opened up to include a promenade and recreational area.


Ambrose anticipates $1.38 billion in development at Waterside, including 1,350 residential units, 620 hotel rooms, 2.75 million square feet of office space and 100,000 square feet of retail.


Ambrose has worked to generate diverse support for Waterside, emphasizing partnerships with local community organizations and neighborhood groups. Brian Payne, president and CEO of the Central Indiana Community Foundation, spoke recently about the company’s efforts and their impact on community development.

“With Ambrose and Waterside, CICF recognized an approach closely aligned to our mission as a catalyst for progress,” said Payne. “For urban development to create meaningful impact, the commitment must be authentic and it must be sustained. Ambrose is doing the necessary work to understand and effectively collaborate with the local community.”

“Waterside presents a once-in-a-generation opportunity to transform how we view downtown Indianapolis,” said Ambrose President Aasif Bade. “This area will become a thriving new downtown district, complete with diverse housing and greenspace, restaurants, public art, and innovative corporate workspaces.”


In May, the RACER Trust announced its selection of Ambrose to acquire and develop the former GM stamping plant site. RACER was created to clean up and position former GM facilities for redevelopment following the 2009 bankruptcy of General Motors Corp.

The proposal from Ambrose included a heavy focus on sustainability, innovative commercial space and community-driven development.

“To be successful, we must engage and collaborate with neighboring residents and businesses,” said Bade. “Ambrose worked to ensure our plans for the site aligned with locals’ collective vision for Indianapolis – a more connected, more vibrant, more supportive urban environment that generates economic mobility for future generations in surrounding neighborhoods.”



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