INDIANAPOLIS — Sojos Capital is unveiling an updated master plan to redevelop the former Lafayette Square Mall.
In August 2022, the mall closed for renovations but never reopened. Now, Sojos Capital says they have a new plan.
"We can position ourselves as one of the best places to attract and keep talent," said Fabio De La Cruz, the CEO of Sojos Capital.
The updated redevelopment plan is being called 'The Square.' It will include the following:
- Dining
- Shopping
- Housing
- A concert venue
- Film studio
- School
- Athletic facility
- Office space
The original plan was called 'Window to the World,' which would cost $200 million, with $20 million going to renovating the mall.
Now, more than half of the mall will be torn down. It's a change De La Cruz says he had to make.
"I was obligated to do it," said De La Cruz. "The reality is, with the pandemic, the economics of what we had before changed. The feedback we had from the last plan didn’t match with what I was expecting."
De La Cruz says the project will cost close to $1 billion.
Sojos Capital is starting the rezoning process and working with the city to pursue incentives. They anticipate it taking six months before construction can begin.
The first phase of The Square should be complete by 2025.
One part of this project already complete includes the new IMPD Northwest District Headquarters.
The International District Community Center and Alamo Drafthouse Cinema are set to open this year.
