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APRIL 2024 VOLUME36 ISSUE3 CRE MARKETPLACE PAGE 38:
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Big plans in store: Hendricks Commercial Properties planning major revitalization of Indianapolis’ Circle Centre Mall By Dan Rafter, Editor
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mall plans? Hendricks Commercial Properties isn’t considering them for the future of Circle Centre Mall in downtown Indianapolis.
Late last year, Hendricks Commercial Properties purchased the Circle Centre Mall from the Circle Centre Development Company, a partnership of 17 business and corporate investors. Hendricks has since developed a 10-year, $650 million plan to transform the downtown mall into an open-air, pedestrian-friendly mixed-used development. The new Circle Centre will include retail, restaurants, apartments and office space. Lance Evinger, vice president of acquisitions and dispositions with Beloit, Wisconsin-based Hendricks Commercial Properties, said that closing on the sale of the Circle Centre Mall was a major milestone for his company. “We had been working on this deal for about two years,” Evinger said. “It was the most complicated real estate deal that I have ever worked on. The property had a very
unusual ownership structure. But we kept working on it to make it happen.” Why was Hendricks so committed to landing this deal? Evinger said that the potential of the mall is immense. First, it’s located in the dead center of downtown Indianapolis, close to the city’s convention center and several hotels. It’s where visitors, and residents, too, go to shop in downtown Indianapolis. Evinger was also intrigued by the historic nature of the site. “There is so much history in and around this site,” he said. “This site is so integral to the success of downtown Indianapolis. We are all history buffs here. Working on this project is such a honor.” Circle Centre Mall first opened in 1995, and immediately attracted big crowds. Lately, the mall has struggled, thanks in large part to the COVID-19 pandemic. INDIANAPOLIS (continued on page 26)
MINNEAPOLIS
The rise of the sportsentertainment district: Minneapolis the latest to benefit from this trend By Dan Rafter, Editor
The Nationwide Arena District in Columbus, Ohio. The District Detroit. The Deer District in Milwaukee. And, of course, the Wrigleyville neighborhood surrounding Chicago’s Wrigley Field, home of the Cubs. These are all thriving sports-entertainment districts that have brought new life to urban areas throughout the Midwest. Now you can add North Loop Green in Minneapolis to this list. MINNEAPOLIS (continued on page 28)