x
Breaking News
More () »

Developer suing Indianapolis over old GM stamping plant site

Ambrose Property Group is suing the City of Indianapolis over the old GM stamping plant site.

INDIANAPOLIS (WTHR) — The developer that holds the old GM stamping plant site is suing the City of Indianapolis.

Ambrose Property Group released a statement saying, "We are disappointed it has come to this, but the City’s illegal threats and actions have left us with no option but to protect our rights through a lawsuit."

In October, Ambrose had claimed the city had already caused more than $30 million in damages for defaming and disparaging the developer.

On October 2, the city announced it would be taking back the old GM stamping plant site through eminent domain if necessary after Ambrose announced it would no longer develop the site and instead sell it off.

Ambrose said the city entered into a binding contract and agreed it would not seek to take the property by eminent domain. It claims the city's actions scared off potential buyers interested in developing the site.

Ambrose's lawsuit claims improvements it has made to the site places the value in excess of $50 million.

In September, Ambrose announced it was scrapping plans for a multi-million dollar mixed-used development on the 103-acre site that it called "Waterside".

At the time, Ambrose issued a statement which said it was "repositioning its business to focus on e-commerce and industrial development in Indianapolis and nationally."

Ambrose bought the property, vacant since 2011, from Racer Trust, which was responsible for cleaning up the site and selling it.

The city of Indianapolis pledged $8 million in incentives to help with infrastructure improvements. A spokesperson for the mayor's office told Eyewitness News that less than a quarter of that was spent.

Corporation Counsel had asked for a copy of the purchase agreement and log of expenses the company has incurred on any improvements to determine "a fair and reasonable purchase price." A spokesperson told Eyewitness News they can not comment on pending litigation.

Before You Leave, Check This Out