Developers purchase Tri-County Mall, officially starting $1 billion transformation
The Tri-County Mall officially has new owners.
MarketSpace Capital and Park Harbor Capital announced Tuesday they officially purchased the mall located in Springdale.
"Today is a day many of us dreamed of but never thought would happen," Springdale Mayor Doyle Webster said in a statement. "It's the biggest project in the history of our city and one of the most ambitious undertakings our entire region has ever seen. It will bring jobs, inspire community, cultivate learning, and ignite growth. I could not be more excited that we are now officially on our way."
The Springdale City Council unanimously approved the $1 billion project 10 weeks ago.
Construction is set to begin later this year.
The project is set to transform the mall into one of the largest mixed-use developments in the state. It will include new apartment communities, restaurants, retail and office spaces, educational facilities, entertainment, and recreational areas, a culinary center, and 15 acres of green space, including a dog-friendly restaurant with an accompanying park.
There will also be a STEAM (Science, Technology, Engineering, Arts and Mathematics) institute built for the Princeton School District.
"This development, and the ultimate partnership with MarketSpace Capital and Park Harbor Capital, will not only be transformational for the Princeton School District but the entire region," Tom Burton, Superintendent at Princeton ISD said in a statement. "The Princeton STEAM Institute will continue to connect our students with opportunities to close the workforce gap that permeates our region, state, and country. Creating opportunities for our students to be prepared for any and everything that life offers is yet another example of closing this opportunity gap."
The project will be built in five phases expected to be completed in around 10 years.
The first phase is set to start this year to build multifamily housing apartments, retail spaces and recreational space.
"America's malls have been struggling for many years, and the outlook for them isn't getting any better," Michael VanHuss, Managing Partner of Park Harbor Capital said in a statement "The city of Springdale and the Greater Cincinnati area has felt that impact firsthand with the demise of Tri-Country Mall. That's why we are so excited to partner with the community and an incredible group of experts to create an iconic destination that families will be able to visit and enjoy for a very long time."