INDIANAPOLIS — Real estate investment group Simon has big plans for the future of the Fashion Mall at Keystone at the Crossing.
That vision begins with the closing of the Saks Fifth Avenue store at the end of their lease with Simon.
Mark Silvestri, the president of development at Simon, said they believe this is the right next step.
"You've seen better and better retailers come in, better brands and exclusive brands to the market open at Keystone. This is another way to continue that. We can make better use of that space after their closure," Silvestri said.
The redevelopment will be a multi-story project on the southeastern section of the building. It will include new dining and entertainment options, along with an outdoor plaza and new office space.
"We've been pushing that effort to really drive the product higher and give people what they want. Not just in terms of luxury, but brands that are hot, new, and exciting, and great dining options. We think that's where the world is today. That's what people are looking for and expect," Silvestri said.
Silvestri said this is all about "paving the way for the continued evolution" of the mall.
"It's part of the cycle. The lease had a term, and this is the end of the term. This is the next step," Silvestri said. "I understand loyal Saks shoppers, and we appreciate that, but we think this is the next step up and an improvement to the property."
Saks is expected to close sometime over the summer. Simon expects the work on the redevelopment to start later this year, and they expect the new retail stores to open in 2026.