Indianapolis-based Simon Property Group Inc. (NYSE: SPG) has sold its ownership stake in Circle Centre Mall in downtown Indy. The remaining ownership group, Circle Centre Development Co., is now seeking potential redevelopment ideas for the mall.
Simon divested its ownership in the mall in December. The retailer held a 15% stake in the mall, though financial terms of the sale were not disclosed, according to our partners at the Indianapolis Business Journal.
Circle Centre Development Co. is a limited partnership of 17 business and corporate investors who were original investors in the mall.
“Circle Centre is a crown jewel of downtown Indianapolis and the central Indiana region,” said Adam Collins, partner at Wallack, Somers & Haas and legal counsel to Circle Centre Development Company. “Since opening in 1995, Circle Centre has continuously evolved to meet the changing demands of consumers. By envisioning the best development options for the future, both residents and visitors will benefit from a creative and vibrant environment for years to come.”
The group is now soliciting redevelopment ideas from a group of five architectural firms. They include RATIO Design/Meticulous Design + Architecture, CSO, Woolpert/Arquitectonica, Dorsey + Yue International Architecture, and the Ball State University College of Architecture and Planning.
The ownership group says the design and pre-development stage of the project is expected to be complete by the end of the year. After reviewing submissions from the architecture firms, the company says it will take the next steps in the redevelopment of the mall.
“Circle Centre Mall has a great story to tell. Thirty years ago, it was the biggest and best example where the public and private sectors came together to make something catalytic and transformative happen. Now there’s a brand-new opportunity to do more and create an impactful development for our city,” said Indy Chamber Vice President for Indianapolis Economic Development Portia Bailey-Bernard. “This is no longer being looked at as just a mall but a mixed-use property, and opportunities like this highlight how relationships between our public and private sectors allow for optimal development in Indianapolis.”
Over the last 10 years, Circle Centre Mall has lost two anchor tenants, Nordstrom in 2011 and Carson Pirie Scott in 2018, as well as a handful of national brands, including Gap, Eddie Bauer, GameStop, FAO Schwartz and Abercrombie & Fitch.