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So land that they have done nothing to improve is now worth 20-30 times what they paid for it a couple of years ago?
Yes
X
Greedy developers do so much harm. Just see what Ambrose did to a great north side neighborhood http://www.springmillforum.com
City should sue THEM out of existence. Ambrose are a bunch of BS-ers.
I’m with Michael– Then they should look at any and all other Indianapolis based properties that have received any sort of “development incentive” and perform a full audit to verify that everything is on the up and up… I highly doubt Ambrose would pass that audit without significant findings.
Looks to me like the City has a weak hand and got played. All’s fair in business.
I am not sure what the “weak” hand is? This is just posturing by Ambrose to get the highest price it can from the city because they know they are going to end up selling the land to the city.
Christopher B, the weak hand is they will likely lose their case. This is a separate issue then the “posturing” accusation that you’ve used before. Posturing by another name is negotiation – that’s an everyday event in business including legal tussles. The city’s weak hand means Ambrose will be able to get a great deal. Can’t fault them for outmaneuvering the city in the deal-making – that’s what business people do.
But of coarse they did, what a racket.
As much as I find Ambrose to be a joke, lets not act like the City facilitates good development. In fact, the City prostitutes itself for subpar everything.
This property is in an Opportunity Zone, putting it into municipal ownership would be a waste. Opportunity Zone investors from Wall Street can bring billions of dollars to a development there. Indianapolis should be enticing that much new capital investment into our city.
The City was forced into partnership with Ambrose because RACER Trust did the selection process when the property was sold the first time.
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I think the City’s strategy is a good one: this time around, control who gets picked to do the development. And they can only do that if they control the sale of the property to a new master developer.