INDIANAPOLIS — NOTE: The above video is from a previous story on the future of Circle Centre Mall.
Simon Property Group no longer holds a stake in Circle Centre Mall. The mall, which opened in 1995, is now being primed for redevelopment by owners Circle Centre Development Company.
“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, 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.
“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.”
The development company expects the design and pre-development stage of the project to be completed by year-end.
“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.”
The development company is soliciting redevelopment ideas for the future uses and spaces of Circle Centre from: RATIO Design/Meticulous Design + Architecture, CSO, Woolpert/Arquitectonica, Dorsey + Yue International Architecture, and the Ball State University College of Architecture and Planning.
It is no secret the mall has been struggling in the past several years or more, as anchor stores have left, along with many of the other smaller retailers. It is one of the sites the city of Indianapolis has been eyeing to be redone and bring more life back to downtown.
"What we're thinking is maybe the most beneficial things right now – and we know there is demand for it – is to see more people living downtown," said Scarlett Andrews, director of the Indianapolis Department of Metropolitan Development.
"Downtown demand for residential life is still at a record high," said Bob Schultz, vice president of marketing at Downtown Indy, Inc. "We're seeing 90% occupancy of downtown residential – rentals and owned homes."
Retail experts say it wouldn't be unheard of to transform it into housing – at least partially.
"Today, what is happening is that malls of this type are being backfilled with office, residential, exercise, law firms, you name it," said John Talbott, director of the Center for Education and Research in Retail at Indiana University Kelly School of Business. "What I see happening in malls, in general, is this development of, I call them 'experience centers.'"
In other words, a place to live, work and play — like Mass Ave or Broad Ripple.
"It's difficult to move a big ship and Circle Centre is a big ship that was purposed for one thing at the beginning and we've got to figure out where it ends up on the other side," Talbott said. "As we think more broadly of 'What we can do with that indoor space?' I'm confident it can get backfilled and have some interesting things in place."
Schultz said Downtown Indy, Inc. is currently tracking more than 50 projects in the works for downtown, bringing an estimated $3.5 billion in investment.