More than $1 billion in development planned for Indianapolis’ new downtown district
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 over $1 billion in development. Ambrose plans to deliver a thriving 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. “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.”
Added Michael Hirschfield, Vice Chairman, National Retail Tenant Services at JLL, “When you have a generational development opportunity such as this one, there is going to be heavy interest to be a part of something of this scale and significance and we expect Waterside will attract both national and international attention and tenants alike.”
Ambrose purchased the 103-acre site in March from RACER Trust, who was responsible for cleaning up and selling the property that had been vacant since GM shuttered operations there in 2011. Over the next 15 years, Ambrose is planning 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 of100,000 square feet of retail. “Waterside presents a unique opportunity to transform how we view downtown Indianapolis,” said Andrew Greenwood, Senior Vice President of Ambrose Property Group. “With more than 100 acres in an urban core, adjacent to a major waterway, we feel extremely confident that JLL’s team of experts are the right partners for this unique project. They have deep local market expertise here in Indy, but also the global platform that will help us achieve our vision to create a world-class destination.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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