10 October 2019

Statement from Ambrose Property Group Founder & CEO Aasif Bade on today’s letter from Ambrose to the City of Indianapolis regarding its unlawful eminent domain threat

Last month, Ambrose Property Group announced its intent to pursue the sale of our mixed-use

and office projects, including Waterside, as we reposition our business to focus on e-commerce

and industrial development both in Indianapolis and nationally. Following our announcement,

the City of Indianapolis unlawfully threatened to take Waterside through eminent domain.

The City’s actions are unfortunate and problematic on several fronts. First, by threatening the

use of eminent domain, the City has breached the parties’ contract which clearly states that the

City has no authority to take Waterside. In addition, eminent domain proceedings should only be

used to address serious problems such as public nuisances and blighted houses—not a highly

valuable property that has had millions invested in it.

The City is attempting to use eminent domain to interrupt an otherwise competitive market sale

process with numerous possible buyers in an effort to ensure that the City is the only bidder. We

continue to believe that a common ground solution that does not include a court fight would be

best for everyone, but if we have to, we will engage in litigation to protect our rights.

Ambrose’s top priority has always been—and continues to be—what is best for Waterside, the

surrounding communities, and Indianapolis. We are disappointed by the City’s attempt to disrupt

the process of selling Waterside to a buyer who has similar goals.

As a community-minded real estate company, Ambrose is willing to discuss with the City the

best path forward for Waterside and welcomes the City’s participation if it wants to be a

productive part of the process. But that process must involve putting the parties back in the

positions they occupied before the City began making its illegal and baseless threats to take

Waterside from its rightful owner.