Hendricks CEO: ‘We like the challenge’ of Circle Centre
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe 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.”
Gerbitz discussed the project in an interview on Inside INdiana Business with Gerry Dick. He said they didn’t want to just do a touch up of the mall as it exists today but rather do much more.
“We wanted to just recreate it and have that open air, city street vibe, but really an entertainment area that you can spend time outside,” he said. “So we just wanted to create something that would be where people want to be, beyond conventions, too.”
Hendricks has reached an agreement with the city to acquire the land on which the mall sits, as well as the parking garages and the former L.S. Ayres building on the northeast corner of the property. The developer will receive at least $64 million in incentives for the project.
Hendricks also expects to close on the acquisition of the majority of the mall from Circle Centre Development Corp. in the first quarter. A cost for that deal has not been provided.
Gerbitz noted that project such as this are difficult to pull off, but the collaborative nature behind the Circle Centre project has been key to bringing it to fruition, and that will continue throughout the process.
“We do our best…to work with everyone and to let folks know what we’re trying to do,” he said. “Sometimes it’s just listening, and they’ll tell you a lot. But it really does guide us.”
Hendricks says its initial plans call for investing $100 million in the first phase of redevelopment, which is expected to be complete by 2028. The remainder of the project could be finished by 2033.