Shoppers can rejoice as The Fashion Mall at Keystone will receive a major new look in the wake of the looming closure of one of the mall’s anchor stores.
Simon Malls released the redevelopment plans for the Fashion Mall at Keystone last week as the impending departure of Saks Fifth Avenue inches closer.
The plan touts improved space for retail stores, more dining experiences and a modernized exterior.
The project also includes the addition of a new building – One Keystone Crossing – that would house 100,000-square feet of office space, spanning three levels above a ground retail floor. An outdoor plaza, proposed where the Saks Fifth Avenue currently stands at the southeast corner, will boast green space opening to the adjacent surface parking lot.
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“The Fashion Mall at Keystone’s redevelopment will further enhance the center’s positioning as the region’s premier experiential shopping destination and a gathering place for the community,” said Patrick Peterman, Simon senior vice president for mixed-use development, in a news release.
Simon Malls announced in April that the two-level Saks Fifth Avenue store would end its lease and close in July, making way for the redevelopment that includes the current location of the store.
Saks Fifth Avenue’s closure was already planned for later this year, and employees will receive separation packages, a Saks Fifth Avenue spokesperson said. The Keystone Crossing store is the only Saks location in Indiana.
In the renderings, stores and office space appear to replace the mall’s east parking garage. A spokesperson for the project did not respond to an IndyStar question about where parking would be in the renovated mall.
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The Fashion Mall houses more than 60 brands, including Nordstrom and the Apple Store, and 20 dining options.
The renovation is expected to be completed in late 2026. A start date for the redevelopment has not been set but is expected to begin after Saks Fifth Avenue officially closes its doors.
Contact IndyStar reporter Alysa Guffey at amguffey@gannett.com. Find her on X/Twitter: @AlysaGuffeyNews.