Hendricks closing southern block of Circle Centre Mall as it preps for $300M first phase of revamp

The central north-south hallway in Circle Centre will be replaced by an open-air promenade in the style of a Main Street. (Image courtesy of Hendricks Commercial Properties)

The developer behind the upcoming $600 million redevelopment of Circle Centre Mall has closed the southern portion of the mall as it gears up for the construction phase, likely happening in early 2026.

Hendricks Commercial Properties LLC on Tuesday closed the southern block of the mall—bounded by Illinois, Georgia, Maryland and Meridian Streets—as well as the skywalk connecting the mall to the Omni Severin hotel on the south side of Georgia Street.

The closures are not a signal that construction is formally underway. Rather, the closures allow the developer to conduct investigatory and pre-construction work, including a complete structural analysis, as it moves toward working with an outside architectural firm for full designs of the overhaul.

“We’re 12 to 15 months from starting real demolition or construction,” Lance Evinger, vice president of acquisitions and dispositions for Hendricks, told IBJ, “but we have to do some investigative work right now … to determine whether we can build what we’ve designed. And to do that, they need to be able to see the structure.”

Throughout the first phase of construction, the mall’s main concourse and food court will remain open, and for now visitors will retain access to the World of Wonders parking garage, although the skywalk connecting the mall to the garage over Illinois Street will be temporarily closed.

The tenants from the southern portion of the mall have relocated to make way for the work. The closure of the Omni Severin skywalk will be permanent, as it will be fully removed as part of the renovation.

Hendricks CEO Rob Gerbitz told IBJ in February that work on the southern portion of the redeveloped property will cost about $300 million. The overhaul of the south block is expected to result in about 70 apartments, a 200,000-square-foot retail and restaurant outdoor shopping district, entertainment space and maybe even a hotel when it is finished in 2030.

“Our goal is to create the true heart of the city—a place that brings energy to downtown Indianapolis every day, not just during major events,” Rob Gerbitz, CEO of Beloit-based Hendricks, said in written remarks on Tuesday. “We’re transforming a traditional enclosed mall into an open, pedestrian-friendly destination that fosters connection, activity, and a vibrant urban culture. … This project is about shaping the future of downtown and creating new opportunities for residents, businesses, and visitors alike.”

Evinger said while a hotel is still under consideration for the project, and he thinks “it would be successful,” no final decisions have been made. Sources have said Hendricks would explore a 130- to 175-room upscale hotel, if it moved ahead.

In recent weeks, IBJ learned Hendricks’ project is also being considered by entertainment brand Cosm for an immersive “shared reality” sports venue with seating for up to 2,000 people.

While Hendricks officials have declined to comment on the possibility, several sources have told IBJ that the Circle Centre project is being considered for Cosm, as well as the planned soccer stadium district a few blocks to the east. That project is being led by the Simon family and Pacers Sports & Entertainment.

Evinger said regardless of the user, Hendricks is staying firm on its desire for one or multiple entertainment spaces in the first phase, as the use could serve as an anchor for the project.

“I think that’s going to be really important, and that’s what’s missing right now from that area,” he said. “I think that’s what’s going to start the domino effect of leasing for this phase—if we get one or two really exciting, new-to-market entertainment concepts, we’re going to get more that wants to come around that. We need that first domino, because it’s going to make a big splash, and then I think we’ll get all kinds of cool stuff that wants to come in around that.”

Hendricks officials have said the multiphase Circle Centre redevelopment could take as long as a decade to complete. The company closed on its $85 million purchase on most of the mall structure, intellectual property and management contracts in April 2024, buying it from longtime ownership group Circle Centre Development Co. The 17-member group had owned the property since it opened as a mall in 1995.

Hendricks is known locally for such major mixed-use projects as Bottleworks and Ironworks that incorporate retail, hotel, office and/or residential elements. The company was first approached by the city and state in mid-2022, with the parties asking Hendricks to make a pitch for the Circle Centre property.

The project has already received approval for up to $25 million in redevelopment tax credits from the Indiana Economic Development Corp., with more potentially coming from the IEDC in later parts of the project. Hendricks is also continuing to work with Mayor Joe Hogsett’s administration on local incentives for the project, including whether it could secure tax-increment financing for a portion of the work.

Hendricks plans to hire an outside architectural firm to take its initial concepts and create workable designs and blueprints. The project will also require some city approvals, since at least a portion of the project is within the city’s Wholesale District and the mall has historic facades.

When construction does begin, it will likely start with Hendricks tearing out the main hallway within the mall structure, with new storefronts constructed along the way to build a pedestrian-only Main Street offering front-door access to retailers, restaurants and other tenants.

The project is expected to be coordinated with the redesign of Georgia Street downtown. The westernmost blocks of the roadway are being rebuilt as part of the $780 million Pan Am Plaza project that will create an 800-room Signia by Hilton hotel and an expansion of the Indiana Convention Center.