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Ambrose snags large industrial deal

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Ambrose Property Group will break ground next month on its first industrial project, a 545,010-square-foot national distribution center for Gordmans Inc.

The Omaha-based apparel and home-decor retailer chose the Hendricks County project submitted by Ambrose from among about 20 other proposals, many of which came from developers with decades of experience in the industrial sector.

"It's a huge challenge and battle when you're trying to land your first deal in this arena," said Aasif Bade, a co-founder of five-year-old Ambrose, which has made a name for itself in multi-family and office development.

Bade thinks his firm's newness to the sector gave it an advantage over veteran industrial developers. "When a company has a tremendous amount of experience" they can tend to dictate to the client how a deal should be put together, he said.  

The Gordmans distribution center—its second in the Midwest—is an approximately $25 million project for Ambrose, which will retain ownership of the building. The total capital investment, including equipment, is $37.5 million.

The Indiana Economic Development Corp. agreed to provide up to $1.1 million in conditional tax credits in exchange for Gordmans promise to employ as many as 250 people at the facility by 2017, according to a statement released by IEDC in January. Hendricks County approved additional property tax abatement.

Cassidy Turley was in charge of lining up government incentives and represented Gordmans in the search for a developer. That process started last September.

Katie Culp, a senior managing director at Cassidy Turley who helped put together economic incentives for the deal, said Gordmans and Ambrose were a good fit for a couple of reasons.

"Gordmans is an entrepreneurial company," she said, so they were drawn to Ambrose, which is small and nimble. And Gordmans liked the location Ambrose proposed, which is west of Plainfield and outside the biggest concentration of industrial properties in the area.
 
Ambrose had expected to enter the industrial fray by building a $12 million, 300,000-square-foot spec warehouse on a 21-acre site at Metropolis and Airtech parkways in Hendricks County. Bade said the firm is still pursuing a partner for that deal.

While Ambrose is new to industrial development, its principals are not. Bade worked in industrial leasing and development for Duke Realty Corp. before striking out on his own. And Kyle Powell, an Ambrose vice president, was formerly an industrial broker with Cassidy Turley.

 

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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