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Rendering of the project from the northwest corner.
(Hendricks Commercial Properties)Plans for the redevelopment of Circle Centre Mall are underway with a move to sell the space in the heart of downtown Indianapolis.
The Circle Centre Development Company (CCDC), a partnership of investors that owns the mall, solicited ideas for redevelopment last year.
Hendricks Commercial Properties, the developer behind the Bottleworks, offered up a mixed-use vision. President and CEO Rob Gerbitz said the overall growth of downtown investment influenced their proposal.
“This is an opportunity to be a connector with what we would see it becoming into the future,” Gerbitz said.
Envisioned under Indianapolis Mayor William Hudnut, Circle Centre Mall opened in the mid 90s and thrived for years. Current Mayor Joe Hogsett said at the time, the development transformed downtown Indianapolis.
“It truly was a standard bearer for urban, retail malls,” Hogsett said. “But that was 30 years ago.”
Hendricks will purchase the mall property as part of the agreement. The $600 million project will gut the inside of the space to create a pedestrian promenade, but preserve many of the buildings along the outside of the mall. Some of those buildings, including the old L.S. Ayres building on the north side of the property, have historical relevance.
Gerbitz said they have a proven record of uniting past and present development, as evidenced at Bottleworks.
“Because of the iconic nature of those buildings, and then bringing them back to light but maintaining that iconic nature of it,” he said, “that never ends.”
Hogsett said these redevelopment plans, which include retail, entertainment and housing spaces, will be a better fit for the downtown development pipeline.
“By changing an urban downtown mall into a multi-faceted, multi-purpose downtown destination location,” Hogsett said.
The north-south stretch of the existing mall will be transformed into an outdoor pedestrian promenade. The Arts Garden will be detached from the structure to build a grand stairway entrance into the space.
A final agreement that includes city backed tax credits and state support has not been finalized. The city currently owns parts of the land, including the parking garages.
Construction will be completed in phases that will take years. Hendricks said they will work closely with current tenants to minimize disruptions.
Contact WFYI city government and policy reporter Jill Sheridan at jsheridan@wfyi.org.
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