The Future

Carrying on a legacy of transformation by reimagining the urban ecosystem.

Renderings for the future Waterside development.




Great change is possible with the right plan—both for the business ecosystem and the community. The plan for Waterside is to create a thriving new downtown district on this 103-acre lot that will include office, commercial and retail space, residential units, a hotel, community green space, and public recreational opportunities along the water. By challenging conventional notions of city building and breathing new life into an unused concrete slab, we aim to transform and sustain Indy’s urban core for the next 100 years.



The Present

An opportunity rarely seen in an American city: 103 acres of undeveloped land in the urban core.

103 acres of undeveloped land in the urban core.



The potential of the property was not lost on local developers and after years of vying for the opportunity to execute their vision, Ambrose Property Group acquired the site from RACER Trust, officially closing in March 2018. Uniquely positioned to develop the site, the team is dedicated to working with the community throughout the years-long development process to ensure their goals for the site are met. This includes assuring alignment of our top priorities with the adjacent Valley neighborhood—especially the goal to include more common space for neighbors to enjoy.

The Past

Built on entrepreneurial spirit, the site’s legacy of innovation spans the last several centuries.

A home to innovation since 1884.



Once home to assembly lines that built buggies and later cars—the site’s legacy of modernization runs deep. Long home to innovators in the automotive industry, the site was pioneered by the Parry Manufacturing Company in 1884 and has been a landmark in the lives of the working-class families raised in the adjacent Valley neighborhood. In fact, the first car to win the Indy 500, the Marmon Wasp, was built in the Valley neighborhood. The Comet cycle car was financed by Parry manufacturing, and the Union railroad line went through the site connecting it to Union Station as well.

A new era came in 1930, when General Motors Corporation purchased the property and manufactured truck bodies there until its closure in 2011. At that time, the stamping plant was mostly demolished, save the massive steel structure of the crane bay designed by renowned architect, Albert Kahn. Approximately 800 feet of the crane bay structure was salvaged and is envisioned to be the centerpiece of this transformative redevelopment.