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INDIANAPOLIS – The owners of the Circle Centre Mall are continuing conversations to bring new business to the spot. Now, they’re getting closer to determining what the existing space will become.
Circle Center Development Co, who owns the mall, is looking to partner with a developer to revamp the one million square-foot campus.
They’re in the midst of listening to pitches to redesign the space; from residential apartments, to business space to entertainment.
Attorney Adam Collins, who represents the ownership group, says this is a complicated project. “Someone has to have the ability and the skill and the capacity to tackle.”
The city owns the land and the ownership group owns the existing building.
The mall was also built within two historic districts, meaning special rules and conditions apply.
Developers say they’ll also need public support which could mean taxpayer dollars.
Earlier this year, the site’s owners committed to a transformative mall revamp. “That’s been an area of focus and something that I think folks have been thinking about for four or five years,” Collins said.
“As we got closer, it became apparent that the ownership group wanted to move forward,” Collins continued. “The easiest way to do that was really to consolidate all the ownership within. At the end of last year, the ownership group bought out Simon’s interests, and has been managing them all since then. And the goal is to really figure out what Circle Center’s next step is and what the evolution of its use will be.”
The ownership group has been tight-lipped about how much they’re willing to spend on the revamp project or how much of the mall structure might remain.
Collins said the ultimate goal is to create a new mixed-use district in downtown Indianapolis. He says it’s too early to know how much the redevelopment would cost.
Collins says they looking to move as quickly as possible to determine what’s next for Circle Centre mall. They’re currently sifting through the proposed development plans and hope to make a decision soon.
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