Urban Indiana

Circle Centre owners take first steps in recasting downtown mall

The owners of Circle Centre Mall plan to begin conversations with potential developers in the near future, after receiving suggestions they solicited from design firms for recasting the struggling downtown shopping center.

Pitches from the firms included several concepts that have been floated for years, according to Adam Collins, an attorney for Indianapolis-based Wallack Somers & Haas who represents ownership group Circle Centre Development Co.

Collins said the designers' proposals included multifamily housing, additional street-level retail and a renewed focus on entertainment uses. He declined to provide any other details.

A massive overhaul of the 2 1/2-block property—something its owners committed to earlier this year—is still in its infancy.

More below:
https://www.ibj.com/articles/circle-centre-owners-take-first-step-in-recasting-downtown-mall

Hendricks strikes deal to acquire Circle Centre, plans $600M redevelopment

The Wisconsin-based firm behind Bottleworks District has struck a deal to buy most of Circle Centre Mall from its original investors and plans to spend $600 million over the next decade to transform it into an open air, pedestrian-focused campus with housing, offices and shopping.

Hendricks Commercial Properties LLC also has a tentative agreement with Mayor Joe Hogsett's administration that could allow it to acquire the land under the mall, its parking garages and the former L.S. Ayres building at West Washington and South Meridian streets that anchors the mall's northeast corner. 

The details of that non-binding agreement—a term sheet signed in July—will still require the city and Hendricks to come to terms on purchase prices for the city-owned properties as well as other development details. But the agreement—also signed by the Indiana Economic Development Corp.—outlines likely city and state incentives for the proposed project, including at least $64 million in tax credits and partly-forgivable loans.

"We truly believe that Hendricks will be able to make Circle Centre a destination again for downtown Indianapolis," said Dan Parker, chief of staff to Mayor Joe Hogsett. "So, we're incredibly excited about it."

More below:
https://www.ibj.com/articles/hendricks-strikes-deal-to-acquire-circle-centre-plans-600m-redevelopment

Hogsett says $600M mall revamp gives downtown even more momentum

Indianapolis Mayor Joe Hogsett considers the $600 million plan to redevelop Circle Centre Mall, announced Wednesday, one of the most important development projects the city has taken on in decades.

Wisconsin-based developer Hendricks Commercial Properties LLC is set to lead the effort, after more than a year of discussion and negotiation behind the scenes with the city, the Indiana Economic Development Corp., and—separately—the ownership group of Circle Centre.

"When you're dealing with a $600 million investment, you can't help but put it at the top of the heap ... [of] important investments that will continue the progress and the renaissance that we've already established," Hogsett said.

More below:
https://www.insideindianabusiness.com/articles/hogsett-says-600m-mall-revamp-gives-downtown-even-more-momentum

Hendricks CEO: 'We like the challenge' of Circle Centre

The CEO of Wisconsin-based Hendricks Commercial Properties says he is confident in what he believes is a "good collaborative effort" behind the proposed $600 million transformation of Circle Centre Mall in downtown Indianapolis.

Our partners at the IBJ broke the news in December of the project, which aims to transform the mall into an open-air, pedestrian-focused campus that will include retail, offices and housing over the next decade.

"I think what's most important to us is everything that's going on around Circle Centre. That's what really intrigued us," said Rob Gerbitz. "And beyond that, too, is our relationship with the state and with Mayor Hogsett and his whole team has been really, really good."

More below:
https://www.insideindianabusiness.com/articles/hendricks-ceo-we-like-the-challenge-of-circle-centre-project