The Haagen Company announced today that they would no longer pursue redeveloping the Indio Grand Marketplace (formerly the Indio Fashion Mall) in its enclosed mall format.
The Haagen Company released the following statement: “Regretfully, we have ceased our efforts to redevelop the Indio Grand Marketplace. After almost five years working to bring in major tenants with no success, we feel it is the right time to step back and assess the future of this site. The aftermath of the Covid pandemic shutdowns, the over 400 basis point increase in interest rates, ongoing supply chain issues, construction cost increases of over 40%, and the looming recession are some of the macroeconomic conditions that have created challenges for retail demand in secondary malls and contributed to our decision to cease our redevelopment efforts for the mall in its current configuration.”
Moving forward, the Haagen Company will restart the planning process to determine the best course of action for the future of this key property in the center of Indio. Mr. Haagen shared his disappointment in conversations with City Officials. He expressed his continued commitment to working with the City to explore all options for the site, including the potential of marketing the mall site with the City property to the south.
Mr. Haagen stated “When one opportunity is lost, it opens the door for many new opportunities. The potential to combine the mall and the City properties could provide a unique opportunity to master plan over 40 acres of real estate in the heart of Indio. We will be working closely with the City exploring this, and other options for the development of this site, as we move forward.”
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