Former Lafayette Square Mall to Become "The Square"

Source: WISH-TV

INDIANAPOLIS— Sojos Capital released its plan to redevelop Lafayette Square Mall and surrounding properties into a neighborhood called “The Square.”

All of the stores have been closed at the mall since August of 2022- except for Shoppers World. The Square will include dining and shopping options, as well as offices, housing, entertainment, an art installation and a film studio.

“The Square is much more than just a development project,” said Fabio De La Cruz, principal of Sojos Capital. “So many people have an emotional connection with the Mall – be it their first job, going to the movies, attending a special event and so much more. This project is building on the foundation to create a more vibrant and welcoming neighborhood, where people can continue to make memories and connections. We want to honor the history of the neighborhood and give a nod to the past while blending modern amenities for the future.”

In November 2021, Sojos Capital announced a $200 million plan to turn the mall and surrounding campus into “Window to the World,” but redeveloping the existing mall structure is gone despite millions of dollars invested in renovations.

“For me, mistakes are not wasting. That’s the way you get better. It cost me money. If I had to do it again, I’d choose different,” said De La Cruz.

Some of the additions to the updated master plan include:

-A large portion of the existing Mall structure will be removed to reflect the best use of the entire property (115 acres) and establish a traditional street grid.

-New buildings will be constructed throughout the property, with intentional additions of outdoor experiences for events and green spaces. A major art installation will be added to the main entrance to commemorate the Mall’s original, modern six-pillar design.

-The Square will include dining, shopping, housing, office space, youth education, sports, a film studio, entertainment with infrastructure improvements and public safety to support the development in the neighborhood.

-The Indy Pavilion Event Group will move its headquarters and operation to The Square.

-The Square’s overall vision transitions from an international theme to reflect the neighborhood’s complete history. Special emphasis will focus on attracting and retaining talent with high paying jobs.

-Sojos Capital is seeking partnerships with developers to accommodate a larger density of buildings. Development agreements are being finalized and will be announced soon.

-Lastly, Sojos Capital is working with the City of Indianapolis to pursue incentives.

Since announcing the original master plan in November 2021, Sojos Capital has achieved these milestones:

-Completion of the new IMPD Northwest District Headquarters (4005 Office Plaza Boulevard)

-After acquiring several properties in the neighborhood, Sojos Capital now owns 300 acres

-Upgrades to multiple properties including roofs; heating, ventilation and air conditioning (HVAC) units; interior and exterior painting; landscaping and security enhancements to be completed in 2024

-Repurpose a vacant grocery store into the area’s only community center – the International District Community Center (3540 Commercial Drive) set to open in 2024

-Conversion of a vacant cinema and grocery store into Indiana’s first Alamo Drafthouse Cinema (3898 Lafayette Road) set to open in 2024

“We are committed to making a positive impact and creating the best neighborhood in Indiana for people to live, work and play,” said De La Cruz.