A Grand Opening, A Grand Vision
The doors to Circle Centre Mall opened on September 8, 1995.
It was supposed to be the answer to downtown Indianapolis’s struggling retail scene—a $307 million investment meant to bring shoppers back to the heart of the city.
The project took more than a decade to complete, but when it did, it had everything: two department store anchors, 99 shops, a nine-screen United Artists theater, and a food court spanning the third floor.
Developers didn’t start from scratch. The mall incorporated pieces of the city’s past, keeping seven historic facades from buildings that once stood there.
The L. S. Ayres flagship store, a staple of downtown retail for decades, became part of the structure.
The plan was bold—blending old with new, giving Indianapolis something that felt modern without erasing its history.
The vision was clear: Circle Centre Mall would be the retail centerpiece of downtown.
Nordstrom took one end, and Parisian (later Carson’s) took the other.
Stores like Abercrombie & Fitch, Banana Republic, and Coach lined the walkways. The idea was to create an upscale shopping experience—one that could compete with the malls in the suburbs.
When the mall finally arrived, it was the downtown revival project Indianapolis had been waiting for.
For a time, it worked. The shops stayed full, and the food court was packed for lunch. Tourists, convention-goers, and locals all had a reason to come downtown.
It was even a key stop for visitors looking for things to do in Indianapolis, Indiana.
The skyline had a new centerpiece, and for nearly two decades, Circle Centre Mall thrived.
The Mall That Almost Never Was
The idea for a downtown shopping center had been floating around since the late 1970s, but making it happen took decades.
Indianapolis was watching its retail core hollow out. Instead, shoppers were heading to Castleton Square, The Fashion Mall at Keystone, and Greenwood Park Mall.
Something needed to pull them back.
In April 1979, Mayor William Hudnut and Melvin Simon & Associates unveiled plans for a multi-story mall to be built between Meridian Street and Capitol Avenue.
The concept was simple: connect L.S. Ayres and William H. Block department stores to a new retail hub.
But land deals stalled, and by 1983, the plan had to be redrawn. The city decided to move the project south, closer to Washington Street.
The land acquisition became its own battle. The Goodman family, owners of several properties in the area, resisted selling.
Their vision for the site clashed with what developers wanted. Negotiations dragged on for years.
Meanwhile, construction estimates climbed. The budget, originally $100 million, jumped to $650 million by 1988. In 1991, it was projected at $1 billion before scaling back.
By the end of 1990, much of the site had been cleared, but the project was stuck.
For over a year, downtown Indianapolis had nothing but a massive excavation pit—locals called it “the big hole.” A new agreement in September 1991 pushed things forward.
Circle Centre Development Company, a group of 12 local businesses, provided $100 million in private financing, and the city backed the rest.
It took another four years to finish. By September 8, 1995, the grand opening finally happened. It had taken 16 years, but downtown Indianapolis had its mall.
The Fall of a Retail Giant
For years, Circle Centre Mall thrived. The four-story mall had nearly 100 retailers, a food court, and an entertainment level.
Tourists and convention-goers filled the walkways. It felt like a success. Then, things changed.
The first big hit came in 2011 when Nordstrom closed. The store had struggled with declining sales, losing business to its Fashion Mall at Keystone location.
Its departure left a massive gap. For three years, no retailer took its place. In 2014, The Indianapolis Star moved its offices into the space—a newsroom where high-end fashion once sat.
Carson’s followed in 2018. The department store, formerly Parisian, shut down after its parent company, The Bon-Ton Stores, went bankrupt.
When it closed on April 29, 2018, Circle Centre Mall had no traditional anchors left.
Smaller stores started leaving, too. Retailers like Gap, Banana Republic, and Victoria’s Secret shut down. By 2020, much of the mall’s upper levels sat empty.
Theaters and arcades once brought in families, but even those began to disappear. Regal Cinemas closed on October 31, 2024.
Tilt Studio shut down weeks later, on November 20.
Without department stores or entertainment venues, foot traffic dropped. What had once been a retail powerhouse was turning into a ghost mall. The question became—what would take its place?
A $600 Million Gamble
By December 2023, Circle Centre Mall had reached a breaking point. The owners were ready to sell, and Hendricks Commercial Properties stepped in with a plan.
The $600 million redevelopment deal was finalized in April 2024, marking the mall’s biggest transformation since its opening.
The enclosed shopping center would be reimagined as open-air, pedestrian-friendly, mixed-use.
The new plan scrapped the idea of a traditional mall. Instead of a single retail space, the revamped site would feature apartments, office buildings, and boutique shopping areas.
Developers wanted a mix of commercial and residential spaces, hoping to bring new energy to downtown.
Housing units would replace anchor stores, with restaurants and offices filling the remaining floors.
Retail, however, would still be part of the equation. Luxury brands weren’t coming back, but small-scale, urban retail spaces were in the works.
The strategy followed national trends—many cities had watched their malls collapse under the weight of changing consumer habits.
The old formula wasn’t working, so developers were looking for alternatives.
The shift wouldn’t be quick. Construction was expected to take a decade, with demolition beginning in 2025.
The transition left existing businesses in limbo. Some chose to stay and wait, while others packed up.
More than a dozen stores closed ahead of the ownership change, leaving empty storefronts and dark hallways.
Despite the new investment, there were still doubts. Would Indianapolis embrace a new version of Circle Centre Mall?
Would shoppers return? The city had seen its downtown transform before, but this time, the stakes were higher.
The Ghost of Circle Centre Mall
By early 2025, Circle Centre Mall looked nothing like it once did. The fourth-floor food court, once packed with diners, had more empty tables than customers.
The old Regal Cinemas and Tilt Studio spaces were dark and locked behind metal security gates. Escalators stood still, and entire sections of the mall felt abandoned.
The exodus wasn’t just from big retailers. Local businesses that had operated in the mall for years were also shutting down.
Owners cited low foot traffic, rising costs, and uncertainty about the redevelopment timeline.
Many weren’t sure if they’d be invited back once construction was finished.
Despite the closures, some tenants still held on. A few national chains, small retailers, and fast-casual restaurants continued to operate.
But without clear direction from the new owners, business wasn’t improving. Storefronts were disappearing faster than new leases were signed.
For longtime visitors, the changes were hard to ignore. The mall, once a destination for tourists and convention-goers, was now half-empty and eerily quiet.
Some sections had become nothing more than passageways for people heading to connected hotels and the Indiana Convention Center.
A $300 million first phase will focus on transforming the enclosed mall into an open-air, pedestrian-friendly district.
Instead of long, dim corridors, the space will feature outdoor plazas, retail-lined streets, and office spaces designed to pull foot traffic back into downtown Indianapolis.
The most dramatic change? A new “Main Street” pedestrian corridor running north to south, cutting through the former mall’s footprint.
The plan also includes a walkway bridge over Maryland Street, reconnecting the site’s split sections.
Developers are betting that creating a street-level, urban environment will bring new life to the struggling property.
Despite these ambitious designs, tenants still don’t have a firm timeline for when demolition or construction will start.
For now, Circle Centre Mall is still standing. But without a firm start date, it remains a blueprint, not a reality.