INDIANAPOLIS — Circle Centre Mall is being sold.
Circle Centre Development Company's partners have reached an agreement to sell their interest in the downtown Indianapolis mall to Hendricks Commercial Properties.
"The responsible and strategic redevelopment of Circle Centre will have a profound impact on downtown Indianapolis and both residents and visitors who travel here each year," said Adam Collins, partner at Wallack, Somers & Haas, and legal counsel to CCDC. "Hendricks Commercial Properties is the best caretaker and redevelopment partner we could have wished for. Their track record of stewardship and transforming public spaces in Indiana is unparalleled, and their vision will be critical in reimagining Circle Centre, one of our state’s crown jewels."
Hendricks Commercial Properties, based in Wisconsin, is also the property management company of the Bottleworks District and Ironworks Keystone.
“Thirty years ago, Circle Centre Mall defined downtown Indianapolis as we know it to be,” Indianapolis Mayor Joe Hogsett said. “With more than $9 billion already in the development pipeline, we’ve created a downtown that innovative businesses want to invest in. The opportunity to reimagine Circle Centre, which sits on more than two city blocks at the heart of our community, represents a monumental transformation, and continues our commitment to strengthening the economic and cultural core of our state. This visionary partnership between Hendricks, IEDC, and the City secures the future of the largest asset in downtown for the next era.”
Stephen Goldsmith was the mayor of Indianapolis when Circle Centre Mall opened in 1995. He issued the following statement Wednesday morning:
"Today's announcement about the Circle Centre Mall redevelopment is exciting and long-awaited. The mall's purpose was never just to provide shoppers with options; the purpose of the mall was to be a catalyst to bring people downtown and spur other nearby developments. Circle Centre served as that downtown spark for many years, but with the changing retail landscape nationally, the mall as currently configured has outlived its usefulness. I'm hopeful that with the partnership of the City, State, and Hendricks, a bold vision will provide a new spark for our downtown."
Circle City Mall redevelopment proposal renderings
The developer will spend $600 million over the next decade to complete the project.
The redevelopment will transform the mall into an open-air, pedestrian-friendly space. It will include housing, officers, entertainment and retail space.
“Indianapolis is not the only city who has struggled with what was at the time a state-of-the-art urban mall, but those times have changed, and we must change with them,” said Hogsett.
The CEO and president of Hendricks told 13News that some parts of the building will be preserved, and others will be torn down.
“The gutting of it is going to be where you walk straight down that mall today, north and south. That’s all gone and it’s going to have new facades and new buildings being added,” said Rob Gerbitz. “We really want to make sure that this is something that not only we are proud of but everyone in Indianapolis and Indiana is proud of.”
Gerbitz said the project will be done in at least four phases. The plan is to start on the south side and finish that part in 2028. The whole project is slated to be finished in 2033.
The city is also in negotiations with Hendricks so they can acquire city-owned property under the mall, including the former L.S. Ayres building. The hope is to reach an agreement in early 2024.