INDIANAPOLIS — A deal to buy Circle Centre Mall in downtown Indianapolis has been finalized.
Hendricks Commercial Properties closed the deal to buy the mall from Circle Centre Development Company on Wednesday, April 24. The company plans to invest $600 million into redeveloping the mall. The plan, which was revealed last December, includes outdoor walkways, plazas and a bridge over Maryland Street to connect the two sides.
The open-air mall will reportedly put a focus on pedestrians and include retail, office space and residential development.
"We want to bring in retail, restaurants, and entertainment, but also bring in some housing in multi different aspects and more and more offices as we continue to drive that, but really a true mixed-use component all the way around the board," Hendricks CEO Rob Gerbitz said in December.
Circle City Mall redevelopment proposal renderings
The agreement includes at least $64 million in tax credits among the incentives from the state and city, along with partly forgivable loans if Hendricks meets development requirements.
“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,” Indianapolis Mayor Joe Hogsett said.
With the deal finalized, Hendricks will work with the Indiana Economic Development Corporation to determine the scope of the redevelopment project.
According to the proposal laid out in December, the project will be done in four different phases, starting with the south side of the building. The whole project is expected to be finished in 2033.