Washington Square
A regional shopping mall on the eastern side of Indianapolis, now characterized by a small-business tenant base and a limited number of remaining anchors.
Last updated August 25, 2026
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Overview
Washington Square Mall is a regional shopping center on the east side of Indianapolis, Indiana. It opened on October 17, 1974, as the third Indianapolis-area mall developed by Edward J. DeBartolo Sr.'s company, following Lafayette Square Mall in 1968 and Castleton Square Mall in 1972. The project replaced the nearby Eastgate Shopping Center as a major retail destination for the surrounding area. At opening, its principal department-store anchors were L.S. Ayres and Block's; JCPenney and Sears subsequently opened in 1975, and Lazarus joined the center in 1978. The mall's anchor lineup changed repeatedly over the following decades. Block's closed in 1987 and its space became a Montgomery Ward in 1988. After Simon Property Group merged with the DeBartolo organization in 1996, Simon carried out a renovation in 1999 that altered the main entrance, updated skylights, refreshed carpeting around the anchor entrances, and introduced Target in the former Montgomery Ward location. Later redevelopment converted the former Lazarus site into a Dick's Sporting Goods store and added an AMC theater on adjacent property. Burlington eventually occupied the former JCPenney space, while the former L.S. Ayres and later Macy's location was used by independent furniture retailers. Washington Square's commercial position weakened from the mid-2000s onward as national tenants departed. Old Navy, JCPenney, L.S. Ayres, Macy's, and other retailers left or closed, while smaller local and family-owned businesses filled some of the vacancies. By 2013, occupancy had fallen below 50 percent, although reports indicated that it later recovered to approximately 85 to 90 percent after a change in ownership and management. Sears announced its closure in September 2014, further reducing the center's traditional department-store presence. Ownership and management became a central part of the mall's later history. In 2014, Simon Property Group surrendered the deed rather than proceed through a costly foreclosure process. JLL was then reported to have taken over management. Kohan Retail Investment Group purchased the property in 2016 for a reported $2.5 million, but the mall subsequently experienced reported problems involving property taxes, maintenance, garbage collection, and general upkeep. The property was placed for auction in October 2018 because of unpaid taxes and was subsequently acquired by Durga Property, LLC. The mall continued to lose large tenants in the late 2010s and early 2020s. Buffalo Wild Wings departed in 2018, and in January 2020 Dick's Sporting Goods and Burlington were reported to be leaving, leaving Target as the only remaining major nationally recognized anchor; Target no longer provided interior mall access by that time. Bath & Body Works later moved to Cherry Tree Plaza in late 2022, joining Foot Locker there. Former anchor spaces have since been used by discount, furniture, and independent retail businesses, including Chacharas Chuchin and Furniture House. As of 2025, the center was reported to have eleven operating stores, including anchors, and four kiosks, with Remo Men's Wear expected to leave. Washington Square therefore remains an operating retail property, but its present identity is substantially different from its original department-store-led regional-mall format.
History
Washington Square Mall was developed as part of Edward J. DeBartolo Sr.'s expansion across the Indianapolis retail market. It was the third mall associated with his company's Indianapolis strategy, following Lafayette Square Mall and Castleton Square Mall. The center opened on October 17, 1974, on the eastern side of the city and displaced Eastgate Shopping Center, an older retail complex located several miles to the west, as a major shopping destination for the surrounding trade area. The original tenant structure followed the conventional regional-mall model of the period. L.S. Ayres and Block's opened as the initial department-store anchors. JCPenney began operating on April 30, 1975, and Sears followed on August 14 of the same year. Lazarus opened on August 3, 1978. JCPenney and Sears had moved from Eastgate Shopping Center, giving Washington Square a strong concentration of established department stores during its early years. The first major anchor transition occurred after Block's closed in 1987. Its location was converted to Montgomery Ward in 1988. In 1996, Simon Property Group merged with the DeBartolo company, bringing Washington Square into Simon's portfolio. Simon renovated the mall in 1999. The work included a redesigned front entrance, changes to several skylights, new carpeting around anchor entrances, and the addition of Target in the former Montgomery Ward space. The property later moved away from a pure department-store format. Lazarus closed and its former location was replaced by a Dick's Sporting Goods store in 2005. An AMC theater was also developed on adjacent property. Burlington occupied the former JCPenney location, while the former L.S. Ayres and later Macy's space was used by independent furniture businesses. These changes reflected the center's effort to reuse large vacant spaces as national department stores became less central to American mall operations. From the mid-2000s, Washington Square experienced a prolonged decline in national-store occupancy. Old Navy, JCPenney, L.S. Ayres, Macy's, and other retailers left or closed. BonWorth, Rack Room Shoes, MCL, and Foot Locker were among the tenants reported to have left or relocated in early 2014. Indy Wholesale Furniture, which had occupied the former L.S. Ayres/Macy's area, announced in February 2013 that it would liquidate, leaving one of the mall's five anchor spaces vacant. Occupancy reportedly fell below 50 percent by 2013, although later estimates placed it between 85 and 90 percent after the mall changed ownership. The center's ownership history became unsettled in 2014. Simon's mall page and branding disappeared during the summer, and JLL was reported to have assumed management. Simon voluntarily transferred the deed on August 6 rather than pursue a costly and protracted foreclosure. Contemporary reporting cited approximately $25.5 million in debt associated with the property, though no current valuation is established here. Kohan Retail Investment Group acquired Washington Square in 2016 for a reported $2.5 million. The subsequent period was marked by reported deterioration in property upkeep and tax compliance. Accounts described problems with maintenance and garbage collection and stated that property taxes were not kept current. Despite these difficulties, smaller businesses and family-owned stores continued to occupy portions of the center. The property was placed in a tax auction in October 2018 and was later purchased by Durga Property, LLC. The mall's remaining anchor base contracted further after 2018. Buffalo Wild Wings departed in 2018. In January 2020, Dick's Sporting Goods and Burlington were announced as departing, leaving Target as the only name-brand anchor. Target reportedly had no interior mall access at that point. Bath & Body Works later moved to Cherry Tree Plaza in late 2022, while Foot Locker had also relocated there. Former anchor spaces were subsequently reused by discount and furniture retailers, including Chacharas Chuchin in the former Dick's space and Furniture House in the former Macy's location. As of 2025, Washington Square was reported to have eleven operating stores and four kiosks, with Remo Men's Wear scheduled to move out. Its continuing operation is therefore based primarily on local and value-oriented retail rather than the department-store concentration that defined its original business model.
- 2025
Small-business-led tenant mix reported
[1]The mall was reported to have eleven operating stores and four kiosks, with Remo Men's Wear expected to leave.
- 2020
Dick's and Burlington departures announced
[1]Two of the mall's remaining three anchors were reported to be leaving, leaving Target as the only nationally recognized anchor.
- 2018
Property changes hands after tax auction
[1]The mall was auctioned because of unpaid property taxes and was subsequently purchased by Durga Property, LLC.
- 2016
Kohan Retail Investment Group purchases the mall
[1]Kohan acquired Washington Square for a reported $2.5 million.
- 2014
Simon exits and JLL takes over management
[1]Simon surrendered the property deed in August, after which JLL was reported to manage the mall.
- 2005
Dick's Sporting Goods and AMC facilities added
[1]Dick's Sporting Goods was built on the former Lazarus site, and an AMC theater was developed next to the mall.
- 1999
Major renovation and Target addition
[1]Simon renovated the entrance, skylights, and anchor-entry finishes and added Target in the former Montgomery Ward location.
- 1996
Simon and DeBartolo companies merge
[1]Simon Property Group merged with the DeBartolo company, bringing the mall into Simon's ownership structure.
- 1987
Block's closes
[1]Block's closed; the space was converted to Montgomery Ward the following year.
- 1978
Lazarus joins the anchor lineup
[1]Lazarus opened at the mall on August 3.
Products and positioning
A neighborhood-serving and historically regional shopping center whose current tenant mix is weighted toward independent, family-owned, discount, furniture, apparel, and service businesses rather than a full department-store lineup.
General merchandise anchor · 1999
Target
Target was added during the 1999 Simon renovation in the former Montgomery Ward location. It became the mall's principal nationally recognized anchor after the departures of Sears, Dick's Sporting Goods, and Burlington. By 2020, Target reportedly no longer offered access from inside the mall.
Local and specialty retail
Independent retail stores
In its later operating period, Washington Square has relied substantially on small businesses, family-owned shops, discount retailers, apparel stores, furniture sellers, and service-oriented tenants. These businesses occupy spaces left by departing national chains and provide the center's main day-to-day retail offer.
Entertainment · 2005
AMC theater
An AMC theater was developed on property adjacent to the mall as part of the center's mid-2000s effort to add entertainment and non-department-store traffic.
Home furnishings and value retail
Furniture and discount retail spaces
Former anchor locations have been reused by furniture and discount businesses. Furniture House was reported in the former Macy's space, while Chacharas Chuchin occupied the former Dick's Sporting Goods location.
Brand decisions
2020
Mall loses two major remaining anchorsStrategyBackground
Washington Square had already lost several department stores and national chains and was operating with a shrinking anchor base.
Action taken
Dick's Sporting Goods and Burlington were announced as departing, leaving Target as the remaining nationally recognized anchor.
Aftermath
The center became more dependent on independent retailers and no longer functioned as a conventional department-store-led regional mall.
2018
Durga Property acquires the mall after a tax auctionM&ABackground
Washington Square was placed up for auction because of unpaid property taxes.
Action taken
Durga Property, LLC subsequently purchased the property.
Aftermath
Ownership changed again as the mall continued operating with a reduced and locally oriented tenant mix.
2016
Kohan Retail Investment Group acquires Washington SquareM&ABackground
The mall required a new owner after Simon's exit and continuing occupancy pressures.
Action taken
Kohan Retail Investment Group purchased the property and installed new management.
Aftermath
The center retained a tenant base dominated increasingly by small and family-owned businesses, while reports later described tax and maintenance problems.
Reported purchase price. $2.5 million (2016)
2014
Simon transfers the property deedStrategyBackground
Simon faced a heavily indebted property with declining occupancy and reportedly chose not to pursue a lengthy foreclosure process.
Action taken
Simon voluntarily surrendered the deed on August 6, after which JLL was reported to manage the mall.
Aftermath
The transfer ended Simon's direct ownership role and led to a new management and ownership phase.
Debt reported in Simon financial filings. $25.5 million (2013-2014)
2005
Former Lazarus site redeveloped for Dick's Sporting GoodsProduct launchBackground
The closure or redevelopment of the Lazarus anchor created a large vacant site requiring a new use.
Action taken
A Dick's Sporting Goods store was constructed on the former Lazarus site, alongside the development of an adjacent AMC theater.
Aftermath
The changes shifted part of the center's offer toward sporting goods and entertainment.
1999
Simon renovates the mall and adds TargetStrategyBackground
After Simon Property Group merged with the DeBartolo company, the mall required modernization and a replacement for the former Montgomery Ward space.
Action taken
Simon changed the front entrance, renovated skylights, refreshed the anchor entrances, and brought Target into the former Montgomery Ward location.
Aftermath
The project updated the physical property and diversified its anchor mix, although the mall later experienced long-term tenant departures.
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