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.