Local
Washington Square redevelopment pitch faces questions over ownership and funding
A California developer outlined a $5 billion resort and entertainment concept for Indianapolis’ Washington Square Mall, but the company has not purchased the property and its claimed purchase agreement is disputed. Residents welcomed the prospect of redevelopment while questioning whether the proposal can move forward.
A California-based developer has proposed a roughly $5 billion resort and entertainment complex at Washington Square Mall on Indianapolis’ Far Eastside, envisioning a luxury hotel and spa, rooftop dining, an entertainment venue, senior living and a Ferris wheel.
BRC Commercial Properties, LLC, presented the concept—called The Washington Grand Hotel, Resort, and Conference Center—to about two dozen residents at a community meeting Oct. 22 at the Warren Township Schools Administration building. Company representatives said the ideas are preliminary and residents will have opportunities to weigh in at future meetings, which have not yet been scheduled.
Whether BRC can acquire the mall remains an open question. The property is divided among more than a dozen owners, with Ohio-based Durga Property Holdings LLC considered its primary owner. BRC representative Eddie Hager told attendees the company had signed a purchase agreement and was in final discussions with Durga.
But Keith Lee Jr., Washington Square Mall’s operations manager, said he, Durga principal Kumar Vemulapalli and their lawyer knew of no purchase agreement. Lee said he asked CEO Britt Wagner to provide a copy but was told Wagner did not have it with him.
Wagner later said an agreement was signed in 2025, but he could not share it because of a nondisclosure agreement. He also said BRC’s project would be backed by several major investors, including international investors, but declined to identify them for the same reason.
Some residents said they want a project that benefits the surrounding neighborhood, while cautioning that the proposal is far from a sure thing. Eastsider Page Lacy said the property and surrounding area had been declining for decades and that she wanted redevelopment that would help the community. Teri Rypel called the presentation a starting point but said she had heard no details about funding or a specific investor willing to take on the project.
The mall remains open and has about a dozen local businesses. Wagner said he has spoken with some tenants, acknowledged concerns about losing their businesses and said BRC would help them find new locations if redevelopment begins.
Wagner said he hopes construction could be completed within five years of BRC buying the property. The company has not yet acquired the site, and the ownership and financing questions remain unresolved.