Developer says Concord Mall redevelopment is on track; committee finds owner in compliance

Industrial Commercial Properties (ICP), the developer of the Concord Mall redevelopment, told the Elkhart City Tax Abatement Committee the project is progressing and staff recommended a finding of substantial compliance for Elkhart Concord LLC.

Jeff Martin of Industrial Commercial Properties said the redevelopment is roughly two-thirds leased and that three new tenants began operations between 2024 and 2025; he said an executed lease for the former JCPenney building should add “another 40 jobs” and significant investment. Martin reported they have created 49 additional employees and retained 58 existing employees, totaling 107 jobs to date and said the project is on track to meet the original 150-job forecast when the JCPenney tenant’s hires begin.

City staff told the committee Elkhart Concord LLC was 68% compliant for pledged real-property improvements and roughly 57% compliant on new jobs so far; the committee discussed timing and lease-up and accepted the developer’s timeline. A council member moved to adopt the resolution finding the property owner in substantial compliance; the motion carried and the committee will forward that recommendation to the Common Council.