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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA local development firm on Tuesday broke ground on a $50 million industrial building in Plainfield as part of a larger development at the site.
The building is one of four planned by Indianapolis-based Ambrose Property Group at its new Plainfield Logistics Center, which will encompass 82 acres along Camby Road, west of State Road 267 and south of Interstate 70. Ambrose bought the land in August 2018. State property records do not include a sale price for the parcels.
The 189,000-square-foot first building is being constructed on a speculative basis—without a dedicated tenant or buyer. That building is expected to cost about $50 million and be finished in the second quarter of 2020.
The cost to build the other three structures was not disclosed. They are expected to range from 100,000 to 400,000 square feet each.
Ambrose is working with the Indianapolis office of Chicago-based Cushman & Wakefield to market the property, with hopes of attracting a diverse range of logistics and e-commerce businesses.
The Plainfield project is the second such local development Ambrose has announced since it shifted to more industrial-focused work.
The first, announced in November, is a 166-acre industrial park in Hancock County, at the northwest corner of West County Road 300 North and North County Road 400 West. The first building there is expected to cost $78 million, not including tenant build-out.
The company’s shift to industrial developments was revealed when Ambrose said it was stepping away from the planned $1.4 billion Waterside project at the former GM stamping plant near downtown Indianapolis. That matter is now involved in a legal dispute between the company and city officials.
Ambrose also is pursuing projects in other Midwest cities, company founder and CEO Aasif Bade said in written remarks.
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