INDIANAPOLIS (WISH) — Circle Centre Mall has a new owner with new changes coming its way for downtown residents and visitors.

Hendricks Commercial Properties group announced Wednesday a deal to buy most of the mall in the center of downtown Indianapolis. Hendricks is the same company that operates the Bottleworks District on Mass Avenue, and the Ironworks District on the north side.

“It excited me to get rid of an old indoor mall,” said President and CEO of Hendricks Commercial Properties Rob Gerbitz.

That is part of the motivation for Gerbitz in buying Circle Centre Mall with the idea of redeveloping it into an open-air mall with mixed use of shopping, restaurants, bars, and apartments.

“We think there’s at minimum four phases to this and there could be upwards of 6 or 8 depending on how things work themselves out,” Gerbitz said.

Gerbitz described the coming construction as surgical, because the intent is to keep all current businesses open during construction.

“The goal is always don’t disrupt it at all, but sometimes cranes aren’t particularly friendly to a lot of people walking around,” Gerbitz said.

To make this project happen, the City of Indianapolis is giving the developer several incentives.

The only approved incentive is a $24.4 million no-interest loan from the Indiana Economic Development Corporation to buy the property. Other incentives needing approval include giving the developer the option to buy thousands of city-owned parking spaces and the land underneath the mall.

In return, the city got a promise from the developer that a percentage of the housing will be for low-income families.

Indianapolis Mayor Joe Hogsett said, “We have a commitment to diversity, equity, and inclusivity, that has been built into this project. I think probably the most exciting aspect of this project is it takes the state of the art, at the time, a retail urban mall, and changes it in ways that are 21st century-esque.”

Circle Centre Mall has long been considered the centerpiece of the rebirth of downtown Indianapolis.
Simon Property Group opened the mall in 1995 — and the city used it to revive the city’s core.

The full sale price has not been revealed.

In total, the Wisconsin-based developer plans to invest an estimated $600 million in the project.

The sale follows two years of work by the city and mall ownership to redefine the mall’s future.

According to a news release, the makeup of Circle Centre Development Company has remained relatively unchanged since 1995 when the property opened. 

Statements

“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. 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.”

Adam Collins, partner at Wallack, Somers & Haas, and legal counsel to CCDC

“As Indiana continues to recruit and retain future-focused businesses looking to grow statewide, it is critical for assets like Circle Centre to reflect the needs of the economy of the future. This property can and should continue to be transformative for our state, and by working with our partners at the City of Indianapolis and a trusted developer like Hendricks Commercial Properties, we will ensure that legacy continues for many years to come.”

Indiana Secretary of Commerce David Rosenberg

“Thirty years ago, Circle Centre Mall defined Downtown Indianapolis as we know it to be. 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.”

Indianapolis Mayor Joe Hogsett

“The IEDC convened all parties over a year ago, and we appreciate the leadership and vision of Governor Holcomb, the IEDC, and the City of Indianapolis. We are humbled to have been selected for such an incredible opportunity. At Hendricks, we live by our Ultimate Objective: ‘We make an Impact on communities by Stimulating Growth, Creating Jobs, and Honoring History.’ With Ironworks Keystone, Bottleworks District, and now Circle Centre, our team could not be more grateful for the opportunities we have been given to create uniquely designed and constructed spaces in Indiana, and we do not take that privilege lightly or for granted. We look forward to executing a shared vision of the ‘new’ Circle Centre that will represent the place Indiana has become and is striving to be in the coming decades.”

Rob Gerbitz, President & CEO

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.  

Former Indianapolis Mayor Stephen Goldsmith