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Simon family buys more land near Gainbridge in what could be sports entertainment district

Simons Family Expands Downtown Footprint with Key Land Acquisition Near Gainbridge Fieldhouse

In a move that underscores their deepening commitment to revitalizing downtown Indianapolis, the Simon family—renowned for their ownership of the Indiana Pacers and the sprawling Simon Property Group—has acquired additional parcels of land adjacent to Gainbridge Fieldhouse. This latest real estate transaction, announced on July 24, 2025, positions the Simons to further develop an ambitious entertainment district that could transform the city's core into a vibrant hub for sports, leisure, and commerce.

The purchase involves approximately 2.5 acres of prime downtown property, located just south of the Fieldhouse along South Pennsylvania Street. According to public records filed with the Marion County Assessor's Office, the Simons, through a subsidiary entity known as Simon Downtown Ventures LLC, secured the land from a private holding company for an estimated $15 million. The parcels include a mix of vacant lots and underutilized industrial buildings, some of which have sat dormant since the early 2000s following the decline of manufacturing in the area. This acquisition builds on previous land grabs by the family, bringing their total holdings in the vicinity to over 10 acres.

Herb Simon, the 90-year-old patriarch of the family and co-owner of the Pacers, has long been a pivotal figure in Indianapolis's economic landscape. Alongside his brother Melvin, who passed away in 2009, Herb founded what would become Simon Property Group, the largest shopping mall operator in the United States. Their influence extends far beyond retail; the Simons have been instrumental in the development of Circle Centre Mall and the ongoing stewardship of the Pacers franchise, which they purchased in 1983. This latest land deal aligns with their vision for an integrated entertainment district that leverages the Fieldhouse as its centerpiece.

Gainbridge Fieldhouse, formerly known as Bankers Life Fieldhouse and Conseco Fieldhouse, underwent a massive $360 million renovation completed in 2021. The arena serves as the home court for the Pacers and hosts a variety of events, from concerts to conventions. The proposed entertainment district aims to create a seamless extension of this venue, featuring retail spaces, restaurants, hotels, and public plazas designed to attract tourists and locals alike. City planners have described it as a "live-work-play" environment, drawing inspiration from successful models like The Battery in Atlanta or LA Live in Los Angeles.

Sources close to the development indicate that the newly acquired land will likely be used for mixed-use projects, including a potential boutique hotel and high-end dining options. "This is about creating a destination that keeps people in downtown Indianapolis longer," said a spokesperson for Simon Property Group in a statement. "By connecting the Fieldhouse to surrounding amenities, we're not just building structures; we're building community and economic vitality."

The timing of this purchase is particularly noteworthy amid broader efforts to rejuvenate downtown Indy post-pandemic. The COVID-19 era hit urban centers hard, with office vacancies soaring and foot traffic plummeting. However, Indianapolis has shown resilience, bolstered by initiatives like the city's $1.2 billion investment in infrastructure and public spaces. The Simons' involvement adds a private-sector boost, potentially accelerating projects that could generate thousands of jobs and millions in tax revenue.

Local officials have largely welcomed the news. Indianapolis Mayor Joe Hogsett praised the Simons in a press release, calling them "visionary partners in our city's growth." He highlighted how the entertainment district could complement other downtown anchors, such as Lucas Oil Stadium and the Indiana Convention Center. "The Simons have a proven track record of turning visions into reality," Hogsett said. "This acquisition is a step toward making Indianapolis a premier Midwest destination."

Not everyone is entirely enthusiastic, however. Some community advocates have raised concerns about gentrification and displacement. The area around Gainbridge Fieldhouse includes historic neighborhoods like Fletcher Place and Fountain Square, where rising property values could price out long-time residents. "We need assurances that this development includes affordable housing and benefits for the existing community," said Maria Gonzalez, executive director of the Downtown Residents Association. "The Simons have the resources to do this right, but transparency is key."

To address such concerns, the Simons have outlined preliminary plans that incorporate community input sessions and commitments to sustainable design. The project is expected to adhere to green building standards, with features like rooftop gardens and energy-efficient systems. Additionally, a portion of the development may include public art installations and spaces for local vendors, aiming to blend corporate ambition with grassroots appeal.

This isn't the first time the Simons have expanded their downtown portfolio. In 2023, they acquired a 1.5-acre site east of the Fieldhouse for $8 million, which is now slated for a parking structure with integrated retail. That deal followed a 2022 partnership with the city to redevelop underused lots into pedestrian-friendly zones. These incremental steps reflect a long-term strategy, one that Herb Simon articulated in a rare 2024 interview with the Indianapolis Business Journal: "Indianapolis is our home. We're investing in its future because we believe in its potential."

Economically, the implications are significant. A study by the Indiana University Public Policy Institute estimates that a fully realized entertainment district could contribute up to $500 million annually to the local economy through tourism, events, and related spending. This would build on the Fieldhouse's existing impact, which already draws over 1.5 million visitors per year for Pacers games alone. With the NBA's growing popularity and Indianapolis's role as a host for major events—like the 2024 NBA All-Star Game—the district could position the city as a competitive player against larger metros.

Looking ahead, the Simons are navigating regulatory hurdles, including zoning approvals from the Metropolitan Development Commission. Construction could begin as early as 2026, with phased openings projected through 2030. Partners in the venture include architectural firm Populous, known for designing sports venues worldwide, and local developers like Keystone Group.

The Simons' latest land pickup is more than a real estate transaction; it's a statement of faith in Indianapolis's resurgence. As downtown evolves from a business district into a multifaceted urban playground, the family's influence will undoubtedly shape its trajectory. Whether this leads to inclusive growth or exacerbates inequalities remains to be seen, but one thing is clear: the Simons are all in on downtown Indy.

In the broader context of American urban development, this project exemplifies how sports franchises and real estate moguls are increasingly intertwined. Cities like Indianapolis are betting on these synergies to drive recovery, with entertainment districts serving as economic engines. For residents, the promise is a more dynamic cityscape—one where a Pacers game could seamlessly transition into a night out in a bustling, Simon-backed enclave.

Critics, however, point to potential pitfalls. Rising land values in the area have already sparked a 20% increase in nearby property taxes over the past two years, according to county data. Without careful planning, the district could become an enclave for the affluent, sidelining lower-income communities. Advocates are pushing for inclusionary zoning policies that mandate a percentage of affordable units in any new residential components.

Supporters counter that the Simons' track record speaks for itself. Simon Property Group's portfolio includes successful mixed-use developments like The Forum Shops at Caesars Palace in Las Vegas, which blend retail, entertainment, and hospitality. Applying similar principles here could elevate Indianapolis's profile, attracting national chains and independent businesses alike.

As details emerge, the public will watch closely. Community forums are scheduled for August 2025, providing a platform for input. In the meantime, the acquisition fuels speculation about what's next—perhaps an expansion of the Fieldhouse itself or tie-ins with emerging technologies like virtual reality experiences.

Ultimately, this land deal reinforces the Simons' legacy as stewards of Indianapolis. From humble beginnings in retail to dominating downtown real estate, their story is woven into the city's fabric. As Herb Simon approaches his centennial, his family's latest move ensures that legacy endures, one parcel at a time.

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Read the Full The Indianapolis Star Article at:
[ https://www.indystar.com/story/news/real-estate/2025/07/24/the-simons-pick-up-more-land-downtown-near-gainbridge-fieldhouse-entertainment-district/85260379007/ ]