Eastgate Mall goes on the Auction Block
Topic: Shopping
Posted: Mon, Jan 22, 2007 
I commented several months ago about what might happen to Eastgate Mall (we were voting for an Ikea store, which sadly, probably won't happen). Several people indicated that something was in the works for new development for the property, but that's apparently no go, because today the Star is reporting the the mall is going on the auction block:
Eastgate Mall will be put up for auction Feb. 7, a move that likely will end its 50-year history as Indianapolis' oldest indoor shopping center. Prospective buyers of the vacant shopping center are talking about tearing it down and redeveloping the 40.6-acre site, said Gordon Greene, a manager with Chartwell Group, of Cleveland, who will conduct the sale.The live auction of the 370,000-square-foot mall and four other properties in Ohio, Texas and Georgia will be at 2 p.m. at the Concourse Hotel in Columbus, Ohio.
The seller, Dallas-based JTL Capital, bought the mall in 2005 when it was largely empty. Since then, it has lost its last tenant and sat vacant."The building borders on the obsolete. It's a land play," Greene said of the sale.
If redeveloped, the site is eligible for a 10-year property tax abatement from the city.
JTL set a reserve price of about $2.8 million on the property. If the top bid comes in lower, the seller still would consider it, Greene said. He said the sale could close 50 days after the auction.The mall opened on East Washington Street in 1957. Until Washington Square Mall opened in 1974, Eastgate was the retail hub of the Eastside. After shopping-center giant Simon Property Group bought Eastgate in 1981, it evolved into a thriving off-price consumer mall. Simon sold it in 2002, and it has had three owners since.
On the other hand, the latest rumors about Ikea's new store in Cincinnati were saying the store is definitely on the way, but the fall 2007 opening date is pushed back due to construction delays and it won't open until 2008. (boo, hiss)
In other follow-ups from previous discussion here, the Fresh Market going in at 54th and College has demolished the old Atlas building and two others on the lot in preparation for building. (yay!)
Over Christmas, I thought I had a hot inside tip on Glendale Mall after talking to the owner of MicroTime Jewelers while she replace my watch batteries, but I was scooped the next day by the Star, who reported that small stores were being evicted to make way for new development, and that a Target on the site was a possibility. Later reports in the Star mentioned that after some negotiation, Glendale Library Branch will remain on the site.
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Comments
1. Feb 4, 07 06:51 AM | Just Jay said:
Background on Eastgate if you're interested -
http://deadmalls.com/malls/eastgate_shopping_center.html
I live near it, there's no buzz or rumors. The City has not been a big help on this side of town.
2. Dec 4, 07 11:08 PM | T Campbell said:
I Miss the Eastgate mall,I wish someone would buy it and Put The fast Wok Back. Hell if i had the Money I would buy it and let fast Wok have free rent.I miss KMTS Computers too.It was a good place for Seniors to get together.Now they are stuck with the Washington Square mall.I feel for them.Too many Bad People at Washington Mall. Im happy The mayor lost his race.He said he was going to help the East Side. I think he ment The east side of the City County Building.Good one Bart,For putting Seniors out in the cold.You need to Look at what you have done to the EastSide of Indy.Gas is Cheaper,But Nothing Much for shopping.I live on S Side Indy.And have always shoped on east side.Just to help that side of town.Not once did i pass the EastGate Mall up for Your castleton Square. Or GreenWood mall.The eastGate mall could still have a chance if Someone Could help it. I Think We the people should take a collection and buy it for the Seniors and help that area get going again. And Show the Old Mayor what can Happen when we The People Want to help The East Side. And show we dont need Their Ideas.Or there wrecking Ball A friend and i always dreamed of Putting a Hobby Shop in The Eastgate Mall.I feel it was a Positive Idea. Let's Think Positive People. Thank You.
3. Dec 17, 07 09:11 PM | T Campbell said:
I was told today by a friend of mine who is a contractor that someone has purchased eastgate mall. And they have plans of using the old building and Fixing it up.he didnt give me a date when it will start but I bet he is right.He told me the city gave them a real good Tax Break.I will try to get more info.Im Happy if this is true.
4. Jun 17, 08 03:46 PM | Laura said:
My church is interested in bying this property Do you know the owner
5. Mar 22, 10 01:54 PM | stiketook said:
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6. Nov 6, 10 03:00 PM | nightwirm said:
i live near by and it is nov. 2010 and it is still sitting empty, what a eye sore
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