The company said in its 28-page complaint that Mayor Joe Hogsett’s administration had threatened to take the site through eminent domain in 2017—two years before it’s latest threat to use the legal maneuver to buy the land. That led Ambrose to add a clause to its project agreement with the city meant to prohibit the Hogsett administration from pursuing eminent domain in the future.
The Indianapolis-based firm on Tuesday broke ground on a $78 million, 508,104-square-foot building—the first of four planned structures as it shifts focus to industrial development.
Real estate developers and experts suspect the firm couldn’t get access to enough capital to move forward with the massive, 103-acre development. Opinions are mixed on whether the site should remain intact or be split into multiple projects.
More than 100 people gathered Tuesday to plan how to oppose the project, which calls for nine buildings, two helipads and four parking garages.
Neighbors contacted about selling their homes to make way for the development say St. Vincent Health is behind it. But a St. Vincent spokeswoman said the organization does not have “details to share” at this time.
The planned street, bridge and sewer upgrades for the first phase of the 103-acre redevelopment—considered a prime option for Amazon's HQ2 project—would be covered by a combination of city funds and tax-increment financing.
Ambrose Property Group is proposing a massive $550 million mixed-use project that would transform downtown’s western edge from afterthought to urban gem.
The local developer’s plan for the problematic downtown property calls for 2.7 million square feet of development, including 250 apartments in the first phase, office and retail space, a hotel and public green space.
Roughly 160,000 square feet in the Landmark Center will be available once two large tenants vacate the complex—one a well-known company with a big downtown presence.
The local real estate firm bought the Parkwood West building and 14 acres of adjoining land from Duke Realty, which is exiting the office market.
Level Office said it plans to devote part of the building to membership-based co-working space with private offices and communal lounge areas, an espresso bar, 500-megabits-per-second fiber internet and local beer on tap.
It took nearly two years to finalize design and financing for the first phase of Midtown, but its developer predicts that other components will fall into place quickly now that construction has started.
The buildings will add 1.8 million square feet to the town’s already robust distribution market and will be built on a speculative basis, indicating healthy demand for such space.
The eight-year-old firm is set to break ground in the spring on a $45 million medical facility in Mishawaka for the U.S. Department of Veterans Affairs, is partnering with Old Town Development to build a $33 million headquarters for Allied Solutions LLC in Carmel, and soon will build a $20 million office building for Stanley Security in Fishers.
Grant Goldman recently joined Ambrose Property Group as senior vice president of development and construction after a decade at Pepper Construction.
Ambrose Property Group LLC is spinning off its property management division to DTZ, one of the largest real estate firms in the city.
New Jersey-based Fairbridge Properties bought the 12-story downtown office building from Ambrose Property Group, which purchased it out of receivership and invested $8 million in renovations.
Ambrose Property Group wants to test the waters to see if the 130,000-square-foot segment of the 500 N. Meridian office complex might be better suited for the hot residential rental market.
After buying 500 N. Meridian in June, Ambrose Property Group has snagged three major tenants from OneAmerica Tower.
The U.S. senator’s office will join the Home2 Suites by Hilton as tenants of the downtown mixed-use redevelopment on Pennsylvania Street.
