Despite an ongoing legal dispute between the city of Indianapolis and Ambrose Property Group over the former GM Stamping Plant property in downtown Indianapolis, Ambrose has acquired the services of JLL Capital Markets to find a new buyer for the 91-acre property.
The relationship between the city and the developer turned sour last fall when Ambrose announced it was offloading the property, citing a shift in its business focus. Ambrose had previously planned to develop the site into a $1.4 billion dollar mixed-use development called Waterside.
After the city threatened to acquire the property via eminent domain, Ambrose filed suit against the city. According to a spokesperson for Ambrose, the two parties are now in mediation.
JLL, which is headquartered in Chicago but has an Indianapolis office, is now actively marketing the Waterside property, calling it a shovel-ready, urban development opportunity.
“Waterside is perfectly positioned to take advantage of Indianapolis’ expanding central business district and its burgeoning demand for urban living,” said Adam Broderick, managing director for JLL.
Broderick says the site has generated interest from multiple significant national and international brand names across the office and entertainment sectors.
JLL is promoting the property for its value within a Qualified Opportunity Zone. The zone is designed to spur economic development in distressed communities by providing tax benefits to investors who invest in capital projects.
It was created as part of the 2017 Tax Cuts and Jobs Act signed by President Trump.