Moed: ‘Ambrose shouldn’t be rewarded a single dollar of profit’

INDIANAPOLIS – State Rep. Justin Moed (D-Indianapolis) issued the following statement in response to the recent news that the developer of the former General Motors stamping plant site, Ambrose Property Group, is walking away from their pledge to redevelop the property:

“The CEO of Ambrose was unfortunately correct in his statement today. The former GM stamping plant site proved to be a bigger project than Ambrose was apparently ready for. They clearly weren’t ready for the responsibility and opportunity they asked for when they bid for the project and now they’ve let a neighborhood and our city down.

“Ambrose shouldn’t be rewarded a single dollar of profit for failing to deliver on its pledge to redevelop this site.  The right thing to do would be to uphold their commitment to the neighborhood for a transformative development project and the best way to ensure this is to sell the land to the city for not a penny more than what they bought it for. That way a new, more responsible developer can be found.”