Property Lines

Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat reporter. Founded by Cory Schouten.
Real Estate & Retail

Rebirth for Ambassador?

June 9, 2008
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AmbassadorTwo local developers have submitted bids to redevelop the Ambassador apartments adjacent to the Central Library. Van Rooy and Buckingham both proposed mixed uses for the Ambassador building, with street-level retail and commercial space and 60 one-bedroom apartment units on the upper floors. Van Rooy wants to buy the building for $1 million and spend another $3.7 million to update interiors and add features such as a business center, fitness room and a movie theater for residents. In Buckingham’s proposal, the company offers to buy the Ambassador for $865,000 and spend an undisclosed amount to create “high-quality, market-rate” apartments that would rent from $800 to $1,000 per month. Built in 1924, the Ambassador is on the edge of the historic St. Joseph neighborhood. It has been listed on the National Register of Historic Places since 1983. A key issue will be parking. To read more about the proposals, including plans for parking, read reporter Chip Cutter's story here.
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