Monday, September 21, 2015

Indianapolis Taxpayers Expected To Pick Up Part Of Tab To Refresh Circle Centre Mall

The billionaire Simons are back seeking yet another public handout for their private business endeavors. Simon Property Group wants to spend $20 million to refresh Circle Centre Mall in downtown Indianapolis, the bulk of whose $320 million construction costs were borne by Indianapolis taxpayers. The IBJ's Greg Andrews has a story containing only the downtown mafia's talking points on the plans, not questioning further welfare payments to the state's wealthiest citizens.
. . . Simon Senior Executive Vice President David Contis would not quantify the cost other than to say it is in the millions of dollars. However, parties briefed on the plan say the improvements would run roughly $20 million, with the city potentially picking up part of the tab. City officials did not respond to repeated requests for comment by IBJ deadline.
The mall is owned by about 20 local companies that pumped $75 million into the $320 million project in the early 1990s, when a recession and other obstacles threatened to derail former Mayor Bill Hudnut’s longtime dream of creating a bustling enclosed downtown shopping center.
Retail observers say the mall needs a burst of investment to stave off further decline. It suffered a big blow when Nordstrom closed its Circle Centre location in 2011, and over the years it has lost other higher-end retailers, including Coach and Nine West. Last year, the city struck a deal with the sole remaining department store tenant, Carson’s, to cut its rent $300,000 annually through January 2018 to keep it from leaving . . . 
Sherry Seiwert, president of the not-for-profit Downtown Indy, said in an email that the proposed investment would help boost the mall’s appeal to downtown’s rapidly growing residential population.
“We are so pleased by the proposed improvements and upgrades to Circle Centre by Simon, especially the prospect of adding a significant mall entrance off of Georgia Street,” she said. “Maintaining and increasing retail density in our downtown remains a priority for us, so we are encouraged by Simon’s plans for continued investment.” . . . 
What happened to the Greg Andrews who used to do real investigative reporting? It's not hard to figure how where the Indianapolis Star will come down on yet another public subsidy for the Simons. The newspaper is now a tenant in the mall in addition to being one of the mall's original investors. Isn't it about time a copy of their lease was made available to the public so we can determine whether it was negotiated at arm's length? Mayor Ballard has been doing somersaults for the Simons the past 8 years and our next likely mayor, Joe Hogsett, is that close to the Simons so we can expect more unabated grifting by the greedy billionaires and their public stooges for the foreseeable future.

3 comments:

Anonymous said...

It says loads about the Simons that they let the property directly across the street from world headquarters deteroirate so badly. It's nice that somebody noticed what a dump that place is. As for the financing, why would they pay themselves? That's silliness Gary. This is Indy. The mayor and the downtown mob are all on board. So are the peasants, because it would damage our fragile collective psyche not to have a world class shopping emporium in the shadow of Circus Maximus, never mind that it has the same stores as 300 other Simon properties in places as unique and world class as, oh I don't know, Lubbock Texas, for example.

Btownmoon said...

Even if the restaurant there has been successful, the decision years ago to close the mall's Georgia Street entrance and give that space to Harry and Izzy's was a mistake.

Anonymous said...

The teen age thugs with guns ran off the paying customers. The taxpayers get hosed again.