Ambrose sells GM stamping plant property, withdraws suit against city

Ambrose Property Group says it has appraisals that put the GM stamping plant site's value at $65 million or more. It bought 103 acres at the site for $3 million when it proposed to develop it. (IBJ photo/Lesley Weidenbener)

Editor’s Note: The identity of the buyer for this property emerged about 15 hours after this story was published. Here’s a link to the new story.

Ambrose Property Group said in a public notice on Thursday that it has sold the massive former General Motors stamping plant property west of downtown to an unidentified buyer.

According to a notice of voluntary dismissal filed by Ambrose in Marion Superior Court, the sale resolves the year-long legal dispute between the city of Indianapolis and the locally based developer that started after the company withdrew in September 2019 from its $1.4 billion Waterside development on the 103-acre property.

The court filing did not identify the buyer, and no public records disclosing that information were available by late Thursday.

Ambrose “has successfully sold the former GM stamping plant site that is the subject of this lawsuit and resolved its dispute with” the city, the notice said.

The withdrawal, tied in part to failed efforts to secure additional taxpayer-backed funding for the project, led Mayor Joe Hogsett to threaten the use of eminent domain to acquire the property. Ambrose filed a lawsuit in November 2019 alleging the city violated its February 2018 project agreement for the Waterside project.

Reached Thursday afternoon, Ambrose spokeswoman Sarah Holsapple said “I can confirm Ambrose has reached a settlement with the city of Indianapolis,” but declined further comment.

When reached for comment, a city spokesperson referred to the legal filing dismissing the case.

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12 thoughts on “Ambrose sells GM stamping plant property, withdraws suit against city

    1. The last thing we need is a dedicated soccer stadium, let alone at a once in a multiple generation site.

  1. Very odd that the only important piece of info “who did they sell it to” is not even mentioned. IBJ reporting has reached a new low. Business Journalism has just disappeared from the face of the earth

    1. Larry, the first sentence of the story says the buyer was unidentified. The buyer will be reported as soon as that information is available.

  2. Larry P. i undersstand your position but i seriously doubt it was IBJ’s fualt or intent to leave out who the buyer is but im sure it will be revealed shorly.Ambrose on the other hand should be band from doing business in the city ever again. i honesty believe Ambrose found a loop hole in the system to make money off this project without ever building it.I really hope a true tested and tried developer comes in and finish the bold vision for Water Works that Ambrose could never deliver. Indy really needs to make sure this project is BOLD and makes a statement, not only locally be nationally. Just look at the growth and BOLD developments happening in Nashville. If Indy wants to stay relevant then the city has to think BOLD and progressive.This isnt your grandpa’s Indy Nowhere anymore,or is it?

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