INDIANAPOLIS (WISH) — The sale of Circle Centre Mall has been completed, the new owner announced Wednesday.

Wisconsin-based developer Hendricks Commercial Properties group first announced in December 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 at Keystone development on the north side.

Hendricks has said it plans to invest approximately $600 million over the next decade to transform the mall into “an open air, pedestrian-focused campus that will likely include retail, office space and residential development.”

Wednesday’s announcement also said, “The finalized agreement outlines city and state incentives for the proposed project, including at least $64 million in tax credits and partly forgivable loans if Hendricks meets all development requirements.”

“Now that the agreement is finalized, the City, the Indiana Economic Development Corporation (IEDC) and Hendricks will work collaboratively to determine the scope of the redevelopment.”

Circle Centre Mall has long been considered the centerpiece of the rebirth of downtown Indianapolis. Simon Property Group developed the mall from downtown structures. Before Wednesday, Circle Centre Development Co., a limited partnership of 17 businesses and corporate and institutional investors, had owned Circle Centre since the property opened in 1995. It purchased the remaining interests of Simon Property Group in December 2021.

Statements

“For the past 30 years, Circle Centre has been a critical hub of commerce for Downtown Indianapolis. Ownership is grateful for such a long, successful run and truly appreciates the support of the city and the state, which made the transition to Circle Centre’s next phase possible. Hendricks Commercial Properties’ track record of stewardship and transforming public spaces in Indiana is unparalleled, and we are confident that they will do an incredible job on the next iteration of this project.”

Adam Collins, partner at Wallack, Somers & Haas and legal counsel to Circle Centre Development Co.

“This type of game-changing, transformational investment would not be possible without the collaborative partnership between the public and private sectors. We’re grateful to the city of Indianapolis for sharing our commitment to ensuring Circle Centre remain a critical asset in our efforts to recruit and retain future-focused businesses, and to the stakeholders who stepped up to take control of the situation in 2021. We all have a vested interest in the success of Hendricks Commercial Properties to continue their track record of projects that make our state and city a true destination for business and families.”

Indiana Secretary of Commerce David Rosenberg, a Republican

“Indianapolis has long awaited the day when a bold vision would once again reimagine the largest asset in the heart of our city as a commercial and cultural hub for a new generation,” said Mayor Hogsett. “The partnership between the City, the IEDC, and Hendricks to transform Circle Centre joins a more than $9 billion economic development pipeline for Downtown that is helping to grow the economic engine of our state.”

Indianapolis Mayor Joe Hogsett, a Democrat

“We are thrilled to add the Circle Centre Mall to our portfolio of dynamic businesses and properties. We are committed to investing in the future of Indianapolis and believe that a new vision for the Circle Centre Mall property will bring more vibrancy to the heart of the downtown area and also create new opportunities for economic growth and community engagement.”

Rob Gerbitz, chief executive officer of Hendricks Commercial Properties