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Monday, April 22, 2024

Circle Centre Mall sold for $600 million

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More renovations are coming to downtown Indianapolis as the iconic Circle Centre Mall has embarked on a new chapter, denoted by a monumental $600 million sale of the mall and a reconstructive vision for the future.

“We are making this area a more attractive area for all, whether you work here or live here,” Mayor of Indianapolis Joe Hogsett said during the unveiling of the Bicentennial Unity Plaza, a recent downtown renovation, in August. “And believe me, there is much more on the way.”

Hendricks Commercial Properties, a realtor group based in Wisconsin, is the visionary developer behind Indianapolis’s thriving Bottleworks District and Ironworks District. Hendricks acquired the property and unveiled ambitious plans for its transition.

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Allan Garrett IV was a part of the construction team that helped erect the new Bicentennial Unity Plaza near Gainbridge Fieldhouse earlier this summer.

“On the surface, it sounds like a great addition to the city,” Garrett said. “I just hope it doesn’t end up like Washington [Washington Square Mall] or Lafayette [Layfayette Square Mall].” 

Both Lafayette Square and Washington Square are now shells of their former glory. 

Current renders of the renovations include lush plazas speckled with greenery, inviting retail and dining spilling onto bouncy sidewalks, and modern office spaces woven into the fabric that will redefine the space. The project even envisions incorporating residential units, catering to Indy’s growing desire for walkable, downtown living. This transformative approach reflects a profound shift in the retail landscape and Indianapolis’s evolving identity. 

Despite the invigorating news of a downtown renovation, not everyone is a fan of the near future. 

Traditional malls have faced declining foot traffic, prompting innovative developers like Hendricks to rethink their purpose. In Circle Centre’s case, the focus will pivot from a self-contained shopping destination to a dynamic extension of Indianapolis itself, pulsating with activity and seamlessly blending with the surrounding urban decor. 

Hendricks’ vision extends beyond mere aesthetics. The reimagined Circle Centre Mall aspires to be a thriving hub for community, commerce and culture. 

Duane Simmons used to frequent downtown Indianapolis for work and leisure. Simmons echoed sentiments similar to Garrett, hoping the project isn’t an “attempt at gentrification.” 

This $600 million investment isn’t just about the bricks and mortar of Circle Centre Mall. While details remain under wraps, Hendricks’ proven track record in urban redevelopment fuels excitement for what’s to come.


Contact multimedia staff writer Noral Parham III at 317-762-7846. Follow him on Twitter @3Noral. For more news courtesy of the Indianapolis Recorder, click here.

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