The 1.1-million-square-foot mall is adrift without a permanent owner or turnaround strategy. Now its lender is attempting to sell it.
The east-side mall's occupancy has fallen to 43.8 percent, down from was 86.6 percent in 2011 and 77.2 percent in 2012.
Traffic is low and vacancies are high at Washington Square Mall, the most troubled local property for Indianapolis-based mall giant Simon Property Group Inc.
High-end custom homebuilder Moussa Khoury and a partner bought the former Macy’s store at Washington Square Mall in 2009 for about $775,000. They paid cash since commercial lending had vanished. Two years later, the investment has begun paying off.
Thompson Thrift, based in Terre Haute and Carmel, has started construction on Washington Square Commons, a 9,000-square-foot
retail strip at 10110 E. Washington St., at a major entrance to Washington Square Mall.