Indy's old GM stamping plant is prime real estate

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It's a prime piece of real estate in a high-profile area of the Indianapolis downtown ripe for re-development. Four proposals are pending for the old GM Stamping Plant and at least one is getting some traction.

The site sits right near White River State Park, the Indianapolis Zoo and several other big attractions downtown. It's 102 acres that Indianapolis Mayor Greg Ballard has called potentially the greatest redevelopment opportunity in the history of the city. The plant has been a part of the city's near east side for nearly a century, employing as many as 800 people before GM shut it down a few years ago.

The property is not owned by the city. It sits in trust with another entity calling the shots.

One of the latest proposals gaining steam is a concert venue. Marc Lotter, a spokesperson for Mayor Ballard says they're open to that option."If they go with something that would compliment the nearby park and visitor attractions like the concert venue. That would be something that would bring people, excitement and energy to the city. Ultimately, That's what we're looking for. The master plan that we would have would be something that would bringing new residents or new visitors or new businesses to the city and keeping it on the tax rolls and making it a productive use for the city."

Lotter says, "The most important thing we want to do... is it going to add to the fabric of downtown? Is it going to make downtown Indianapolis and the city in general a more attractive place to live, to work, to visit. So, if it does any of those things or any combination of those things and it does it well, then we think that would be a good use of the facility."

There is no time frame on when a decision would be made. The trust company won't release details of any of the proposals until they chose one and enter into detailed negotiations.