Source: Google Street View / WISH-TV
INDIANAPOLIS (WISH) — The sale of Circle Centre Mall has been completed, the new owner announced Wednesday.
Wisconsin-based developer Hendricks Commercial Properties group first announced in December a deal to buy most of the mall in the center of downtown Indianapolis. Hendricks is the same company that operates the Bottleworks District on Mass Avenue, and the Ironworks at Keystone development on the north side.
Hendricks has said it plans to invest approximately $600 million over the next decade to transform the mall into “an open air, pedestrian-focused campus that will likely include retail, office space and residential development.”
Wednesday’s announcement also said, “The finalized agreement outlines city and state incentives for the proposed project, including at least $64 million in tax credits and partly forgivable loans if Hendricks meets all development requirements.”
“Now that the agreement is finalized, the City, the Indiana Economic Development Corporation (IEDC) and Hendricks will work collaboratively to determine the scope of the redevelopment.”
Circle Centre Mall has long been considered the centerpiece of the rebirth of downtown Indianapolis. Simon Property Group developed the mall from downtown structures. Before Wednesday, Circle Centre Development Co., a limited partnership of 17 businesses and corporate and institutional investors, had owned Circle Centre since the property opened in 1995. It purchased the remaining interests of Simon Property Group in December 2021.
