The Fashion Mall at Keystone
An upscale regional shopping mall in Indianapolis, Indiana, owned and operated by Simon Property Group.
Last updated August 25, 2026
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Overview
The Fashion Mall at Keystone, commonly known as The Fashion Mall, is an upscale shopping center in the northeast section of Indianapolis, Indiana. It occupies a prominent location at the intersection of 86th Street and Keystone Avenue, with direct access to the I-465 corridor. The property forms the retail core of the Keystone at the Crossing district, a mixed-use commercial area that also includes corporate facilities, restaurants, hotels, and other retail developments. The surrounding area is sometimes referred to as Keystone/Clearwater because of the nearby Clearwater Crossing development and Lake Clearwater. The mall was developed, managed, and owned by Indianapolis-based Simon Property Group. Its current physical form is the result of several expansions and renovations that transformed an early luxury-oriented shopping center into a large regional destination. The original incarnation began in the early 1970s as a small mall of approximately 50,000 square feet. It stood beside The Bazaar, a separate shopping building characterized by small, family-operated stores and maze-like corridors. As the surrounding commercial district expanded, The Bazaar was eventually removed and its site was incorporated into the larger retail complex. Today, the Fashion Mall consists of two principal two-story buildings with approximately 680,000 square feet of retail space. The complex contains roughly 123 specialty stores and restaurants, and more than 40 percent of its tenants have their only Indiana location at the mall. This concentration of national luxury, contemporary, lifestyle, and specialty retailers gives the property a differentiated position within the Indianapolis market. Major tenants have included Nordstrom, Pottery Barn, The North Face, Apple, Urban Outfitters, and Crate & Barrel. Saks Fifth Avenue, another prominent anchor, closed its location in July 2024 for redevelopment. The mall's buildings were originally connected by a glass-covered archway known as The Crossing. The structure also functioned as the property's food court. Renovations in 2011 and 2012 moved the food court into newly created space immediately west of the original connection, while The Crossing was converted into additional retail space. The architectural layout and tenant mix have continued to evolve in response to changes in department-store retail and the wider Indianapolis shopping environment. Anchor changes have been an important part of the property's history. Jacobson's formerly occupied an anchor position and was notable for being the chain's only Indiana location. Its space was replaced by Saks Fifth Avenue in 2003. A Parisian store at the mall was later converted into a Nordstrom location after the relevant retail assets changed ownership. Nordstrom renovated and reopened the store in the late 2000s, making it the chain's only Indiana location after the closure of another Indiana store. Crate & Barrel opened in late 2005, and Tiffany & Co. arrived in 2006, reinforcing the mall's premium positioning. The Fashion Mall is part of a broader, nearly continuous retail corridor along 86th Street that extends toward the Castleton Square Mall area several miles to the east. It competes not only with other enclosed shopping centers but also with nearby mixed-use developments, stand-alone restaurants, and specialty retail clusters. Its brand proposition is based on upscale merchandise, a curated tenant roster, regional exclusivity, and convenient access for shoppers in metropolitan Indianapolis and surrounding communities.
History
The Fashion Mall at Keystone developed from a small luxury-oriented shopping center established in the early 1970s in northeast Indianapolis. The first version of the property covered about 50,000 square feet and operated beside The Bazaar, a companion building with small family-run shops arranged in an unusually labyrinthine layout. The two components reflected different retail approaches: the Fashion Mall focused on a more polished and upscale environment, while The Bazaar accommodated a collection of independent merchants. Over subsequent decades, the property expanded as Indianapolis growth increased the commercial importance of the 86th Street and Keystone Avenue corridor. The Bazaar was eventually demolished, allowing the shopping-center complex to grow into a much larger regional destination. Additional retail centers, restaurants, offices, and mixed-use developments were built nearby, creating a continuous commercial corridor that eventually connected the Fashion Mall area with the Castleton Square shopping district several miles to the east. Simon Property Group, headquartered in Indianapolis, developed, managed, and retained ownership of the property. Under Simon's stewardship, the center was repeatedly renovated and enlarged. The modern complex comprises two two-story buildings totaling approximately 680,000 square feet. The buildings were historically joined by a glass archway called The Crossing. In its original configuration, The Crossing served as the mall's food court as well as a prominent circulation link between the buildings. Renovation work carried out during 2011 and 2012 moved the food court to newly created space immediately west of the archway and converted the former food-court area into additional retail premises. Department-store changes have shaped the mall's identity. Jacobson's previously operated an anchor store that was notable as the chain's only Indiana location. After Jacobson's departure, Saks Fifth Avenue opened in the space in 2003, providing the mall with a nationally recognized luxury anchor. A Parisian store was later transferred through changes involving its parent company and ultimately became a Nordstrom location. The store was renovated and reopened as Nordstrom in the late 2000s. Following the closure of another Indiana Nordstrom location, the Fashion Mall store became the chain's only Indiana outpost, further increasing the property's regional importance. Specialty and lifestyle tenants also strengthened the center's premium profile. Crate & Barrel opened in late 2005, while Tiffany & Co. opened in 2006. Other prominent tenants have included Pottery Barn, The North Face, Apple, Urban Outfitters, and numerous restaurants and specialty stores. More than 40 percent of the mall's stores have reportedly represented their only location in Indiana, giving the center a degree of exclusivity that distinguishes it from more broadly mass-market shopping centers. The Fashion Mall's role extends beyond its enclosed retail buildings. It is widely regarded as the heart of the Keystone at the Crossing district, a larger commercial and mixed-use area that includes corporate, hospitality, dining, and retail uses. The surrounding Keystone/Clearwater area has benefited from development around Clearwater Crossing and other properties along the 86th Street corridor. This setting has enabled the mall to function as a regional destination rather than merely a neighborhood shopping center. The department-store model continued to change in the 2020s. Saks Fifth Avenue closed its Fashion Mall location in July 2024 for redevelopment, leaving Nordstrom as the principal department-store anchor identified in available reference material. Despite this change, the property remains an active upscale shopping center under Simon Property Group, with a tenant mix spanning fashion, home goods, technology, outdoor apparel, accessories, dining, and specialty retail.
- 2024
Saks Fifth Avenue closes for redevelopment
[1]The Saks Fifth Avenue anchor closed in July 2024 for redevelopment.
- 2011
The Crossing and food court renovated
[1]Renovations moved the food court to new space and repurposed the original glass-arch food-court area for retail.
- 2008
Nordstrom becomes established anchor
[1]The Parisian-to-Nordstrom conversion was completed or reported as completed in the late 2000s, making Nordstrom a key anchor.
- 2007
Nordstrom renovation phase
[1]The former Parisian store underwent renovation and was reported as reopening in the summer of 2007 as a Nordstrom location.
- 2006
Tiffany & Co. opens
[1]Tiffany & Co. opened a location, reinforcing the center's luxury retail positioning.
- 2005
Crate & Barrel opens
[1]Crate & Barrel opened at the mall, adding a major home-furnishings and lifestyle tenant.
- 2003
Saks Fifth Avenue opens
[1]Saks Fifth Avenue replaced the former Jacobson's location and became a major luxury anchor at the mall.
- 2002
Jacobson's anchor replaced
[1]The former Jacobson's anchor space was replaced as part of the mall's continuing department-store evolution.
- 1970
Original luxury shopping center opens
[1]The original Fashion Mall opened as a small upscale center of approximately 50,000 square feet beside the separate Bazaar shopping building.
Products and positioning
Upscale regional shopping center emphasizing premium department stores, specialty retail, Indiana-exclusive locations, dining, and lifestyle offerings.
Retail real estate
Shopping-center retail services
The Fashion Mall provides a managed retail environment containing specialty stores, department-store space, restaurants, customer amenities, parking, and common areas. Its offering is not a manufactured product line; the core service is access to a curated collection of upscale retailers within a regional enclosed shopping destination.
Fashion retail
Luxury and contemporary fashion retail
The mall's fashion offer includes department-store and specialty tenants selling designer, contemporary, and premium apparel, footwear, accessories, and beauty products. The tenant strategy emphasizes brands that attract shoppers from across the Indianapolis region and stores that may have limited presence elsewhere in Indiana.
Home furnishings · 2005
Home and lifestyle retail
Home-oriented offerings include furniture, décor, kitchenware, and lifestyle merchandise associated with retailers such as Crate & Barrel and Pottery Barn. These stores broaden the center beyond apparel and support its positioning as an upscale destination for household and lifestyle purchases.
Specialty retail
Technology and outdoor lifestyle retail
Specialty tenants such as Apple and The North Face contribute technology, outdoor apparel, equipment, and lifestyle products. Their presence adds high-recognition destination stores to the mall's broader fashion and home-goods mix.
Brand decisions
2024
Redevelopment following Saks Fifth Avenue closureStrategyBackground
The Saks Fifth Avenue anchor was closed as the property continued adapting to changes in department-store retail.
Action taken
Saks Fifth Avenue closed its mall location in July 2024 for redevelopment.
Aftermath
The future tenant or use of the redeveloped space was not specified in the supplied reference material.
2011
Reconfigure The Crossing and food courtStrategyBackground
The original connecting archway had also served as the mall's food court, limiting the use of a prominent circulation and retail area.
Action taken
The food court was moved to new space west of The Crossing, and the former food-court area was converted into additional retail space.
Aftermath
The renovation increased the amount of space available for shops while preserving the connection between the mall's two main buildings.
2007
Convert Parisian location to NordstromM&ABackground
Changes involving Parisian's ownership and the disposition of the store created an opportunity to replace the anchor with Nordstrom.
Action taken
The location was renovated and reopened as a Nordstrom store in the late 2000s.
Aftermath
Nordstrom became a principal anchor and, after another Indiana location closed, the mall was identified as the chain's only Indiana store.
2003
Replace Jacobson's with Saks Fifth AvenueGeneration changeBackground
The mall's department-store anchor strategy changed after the departure of Jacobson's, a retailer that had maintained a notable Indiana presence.
Action taken
Saks Fifth Avenue took over the former Jacobson's anchor space.
Aftermath
The change strengthened the center's luxury positioning and introduced another nationally recognized department-store brand.
Sources2 sources
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