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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowOld Navy plans to open a store at the Glendale Town Center, occupying part of the former Macy’s store that closed in 2019.
The store will join Ross Dress for Less and Five Below in the former Macy’s space. Old Navy plans to occupy about 14,976 square feet, according to a filing with the state.
IBJ reported in mid-December that Ross and Five Below were planning to move into the shopping center.
Property owner Kite Realty Group Trust in its fourth quarter earnings report Thursday confirmed plans for the three new tenants.
Old Navy, a subsidiary of clothier Gap Inc., has 19 stores in Indiana, including eight in Marion and Hamilton counties. The retailer previously had a store at Glendale, but it closed in 2006.
When combined with Ross and Five Below—occupying 24,385 and 9,570 square feet, respectively—Old Navy will help Kite fill 48,931 square feet, or just less than 21% of the 237,000-square-foot former Macy’s space.
The company said in mid-2019 it planned to spend about $15 million to redevelop the former Macy’s space by splitting at least 53,000 square feet on the second floor—which technically is street level on the south side of the mall—into four stores with separate exterior entrances. A fourth store has not yet been identified.
Glendale will eventually have to backfill the Glendale branch of the Indianapolis Public Library, too, with the branch moving to a new home. The library occupies about 25,000 square feet.
The renovation to the Macy’s space comes as Kite and partner Milhaus continue work on a $40 million apartment project at Glendale. Construction began in May, with first tenants expected to move in this fall.
The combined apartment and retail projects fetched about $7.1 million in tax-increment financing from the city of Indianapolis, which will supplement the overall development.
The local real estate investment trust purchased Glendale in 1999 for an estimated $20 million and spent about $45 million on a major renovation completed in 2000. Further renovations over the following eight years converted the mall back into an open-air “lifestyle center.”
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Old Navy once occupied part of the former Block’s main floor space in Glendale (which was greatly expanded and turned into Target). Wonder why they decided to come back?
Not entirely sure, but I do know that they’ve been doing financially well lately and had plans to open more stores before COVID hit. They’ve opened new stores in Avon, Edinburgh, and Whitestown in the past few years, so they’ve been expanding lately.
Kite also received city incentives when they first purchased Glendale. They just keep on taking, don’t they??