Circle Centre Mall Owners Looking at Redevelopment
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The owners of Circle Centre Mall have received suggestions for potential future uses of the property from several design firms. Our partners at the Indianapolis Business Journal report the proposals included multifamily housing, additional street-level retail and entertainment.
Circle Centre Development Co. in February solicited ideas from a group of five architectural firms. Adam Collins, attorney for Wallack Somers & Hass in Indianapolis, which represents the ownership group, says four of the five firms have submitted proposals, but wouldn’t say which firm did not submit one.
“It’s in the very preliminary stages here, but I think the good news is that everyone in Indianapolis … should feel comfortable that the ownership group has taken the very necessary first steps to make sure that this process is able to move forward as smoothly as possible,” Collins told the IBJ.
Collins said the next steps in the process to overhaul the shopping center include identifying a development partner and beginning incentive talks with local and state government.
A specific timeline for potential redevelopment was not given and it’s still unclear what the cost of such a project would be.
Indianapolis-based Simon Property Group Inc. (NYSE: SPG) divested its 15% ownership stake in the mall earlier this year. CCDC is a limited partnership of 17 business and corporate investors who were original investors in the mall.
You can the full story from the IBJ’s Mickey Shuey by clicking here.