INDIANAPOLIS — It’s no secret Circle Centre Mall has struggled over the past twenty years. Like countless mall around the country, the “crown jewel” of Downtown Indy is housing empty storefronts.
The future of the mall today is in the hands of 17 “business and corporate investors” known collectively as the “Circle Centre Development Company.” It was recently announced Simon Property Group sold its shares to the limited partnership in December.
“This was something huge when it opened. I was a teenager I think,” Katina Washington said while reflecting back to when the mall opened in 1995. She’s now a tenant.
“This is a dream. This is a dream that’s become a reality,” Washington said.
“SHE Xperience” provides co-op space for 17 local Black-owned businesses and hosts pop-up events on weekends. It opened in October taking over the former Victoria’s Secret, which moved out during the pandemic.
“There was an absence of a lot of people here in the mall, but now it’s growing. People are coming back downtown,” Washington said.
In a release, Circle Centre Development Company wrote five groups are now tasked with developing design redevelopment plans for the mall.
“We’ve seen how the center has attempted to evolve and I think just what they’re trying to do now is fast-forward rather than sort of just let evolution happen,” IU Kelley School of Business Director of the Center on Research and Education in Retailing, John Talbott, said.
Talbott believes the space will turn into a mixed-use, entertainment center concept — think offices, restaurants, shopping and apartments.
Downtown Indy, Inc said it has been in continued discussions with retailers and the owners over the future of the mall. It applauds the city’s willingness to step up.
“This public-private investment of Circle Centre will long be remember as not a day when its day is over, but what’s the next chapter, and we’re ready for that,” Senior Vice President at Downtown Indy, Inc, Bob Schultz said.
See the full release from Circle Centre Development Company below.
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.
