Circle Centre Mall sale ‘bit of a setback,’ but retail site could reshape itself
INDIANAPOLIS (WISH) — Circle Centre Development Co. will now become the sole owner of Circle Centre Mall after Indianapolis-based Simon Property Group announced it was selling its portion of the shopping center.
“I think this is a bit of a setback. A name like Simon pulling out of the downtown malls, it’s going to be detrimental right now, but we can come back from this,” said Brian Mowery, a Republican who is minority leader of the Indianapolis-Marion County City-County Council.
Mowery said Friday he believes some of the violent incidents around the mall may have prompted Simon to sell.
John Talbott, the director of the Center for Retail Education and Research at the Kelley School of Business, said Friday that Circle Centre could reshape itself by converting some of the empty space at the mall into apartments.
“It’s almost like a living organism. Consumer preferences change, and they change rapidly,” he said.
Talbott adds that the mall could attract new tenants such as Amazon. The online retailer is starting to open brick-and-mortar clothing stores in some cities.
Mowery said, “One of the things that San Diego has been doing is they made a tech hub at their mall similar to what could be done at Circle Center. It’s like an incubator for these tech companies.”
A spokesperson for the Circle Center Development Co. said no one available Friday to comment on camera about the sale.
News release
“Indianapolis, Ind. (February 4, 2022) – Circle Centre Development Company, a limited partnership of 17 business and corporate investors, and the original investors in Circle Centre, is soliciting innovative redevelopment ideas for the future uses and spaces of Circle Centre from a select group of architectural professionals.
“’Circle Centre is a crown jewel of downtown Indianapolis and the central Indiana region,’ said Adam Collins, partner at Wallack, Somers & Haas and legal counsel to Circle Centre Development Company. ‘Since opening in 1995, Circle Centre has continuously evolved to meet the changing demands of consumers. By envisioning the best development options for the future, both residents and visitors will benefit from a creative and vibrant environment for years to come.’
“Circle Centre Development Company has selected five groups, including RATIO Design/Meticulous Design + Architecture, CSO, Woolpert/Arquitectonica, Dorsey + Yue International Architecture, and the Ball State University College of Architecture and Planning, to submit ideas for the future of Circle Centre.
“‘The construction of Circle Centre Mall was the direct product of city and civic leaders working collaboratively to revitalize our downtown and, for nearly three decades, the property has served as a critical attraction and amenity for residents and visitors, alike,’ said Indianapolis Mayor Joe Hogsett. ‘Now, in that same spirit of collaboration, we are embarking on a journey to reimagine the property and drive the continued evolution of the economic and civic hub that is our Mile Square.’
“Circle Centre Development Company, which has owned a majority interest in the property since its inception, purchased the remaining ownership stake held by Simon Property Group in December 2021. The makeup of Circle Centre Development Company has remained unchanged since 1995 when the property opened.”
“‘Circle Centre Mall has a great story to tell. Thirty years ago, it was the biggest and best example where the public and private sectors came together to make something catalytic and transformative happen. Now there’s a brand-new opportunity to do more and create an impactful development for our city,’ said Indy Chamber Vice President for Indianapolis Economic Development Portia Bailey-Bernard. ‘This is no longer being looked at as just a mall but a mixed-use property, and opportunities like this highlight how relationships between our public and private sectors allow for optimal development in Indianapolis.’
“Ownership expects the design and pre-development stage of the project to be completed by year-end. Following the review of the submissions, the company will take the next steps in the redevelopment of this important asset for our community.”
News release from Circle Centre Development Company contact Brad Rateike