In May 2017, we were selected to redevelop the former General Motors stamping plant site. Since then, we’ve operated with the mindset that the potential of the site is much greater when we surround ourselves with the best people and organizations—like The Valley neighborhood, Central Indiana Community Foundation and so many others. Together with these groups, we’ve advanced important conversations about placemaking, designing for equity and inclusion, and developing with the community rather than to the community.
If the site could talk, it would tell stories of when stamping plant employees started here nearly 100 years ago. And it would tell exciting stories another 100 years from now that we cannot even begin to imagine today. The opportunities for this site are so much bigger than Ambrose.
That’s why I’m writing to update the local community of Ambrose’s decision to focus our business on e-commerce and industrial development both in Indianapolis and nationally. We believe that a focused approach on one segment of real estate development is best for our investors, our clients, employees and the communities where we invest. As part of this decision, we plan to pursue the sale of our mixed-use and office projects, including Waterside.
We thank members of The Valley and West Indy for their engagement over the past several years. We are proud of the work we’ve done together, and we look forward to seeing what will come from the largest redevelopment opportunity in our city’s history.
The site, located within an Opportunity Zone, is now poised for success and we expect significant interest from developers locally and nationally. Once a new owner is identified, we hope they will be warmly welcomed by the community and be afforded consideration for necessary incentives from the city and state – as we have – that align with a project of this size and scope.
We are – and will remain – committed to our city and state through important development projects, active civic involvement and strategic philanthropy. We are proud of our work and we look forward to what the future holds for us as a community-minded and customer-centric company.
Founder and CEO
Ambrose Property Group