Tri-County Mall Redevelopment project has moved one step further. MarketSpace Capital and Park Harbor Capital announced the official closing of their purchase of Tri-County Mall, located in Springdale, OH. This important milestone signifies the transfer of ownership to the Texas-based co-developers and the beginning of a new era for one of Greater Cincinnati’s most recognized destinations.
“Today is a day many of us dreamed of but never thought would happen,” said Springdale Mayor Doyle Webster. “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 $1 billion Tri-County Mall Redevelopment project received unanimous approval from the Springdale City Council just ten weeks ago and is now set to begin construction later this year. The project will transform the largest – and mostly vacant – shopping mall in Greater Cincinnati 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. The site will also be home to a 120,000 square foot STEAM (Science, Technology, Engineering, Arts and Mathematics) Institute serving 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,” said Tom Burton, Superintendent at Princeton ISD. “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 completed over five phases, with the full build of the entire 76-acre site completed in approximately 10 years. Phase-1 of the development, scheduled to begin later this year, will include 450 multifamily housing apartments, 40,000 square feet of retail space and restaurants, and 110,000 square feet of recreational space, including a 38,000 square foot fitness center. Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a bioswale and park.
Coresight Research estimates 25% of America’s roughly 1,000 malls will close over the next three to five years, with the pandemic accelerating a demise that was already underway due to the increase in online shopping. Malls saw their real estate value plunge an average of 60% post-COVID, with more than 700 anchor stores vacant as of July 2021. According to global investment bank, UBS, 80,000 retail stores will shut their doors permanently by 2026.
“America’s malls have been struggling for many years, and the outlook for them isn’t getting any better,” said Michael VanHuss, Managing Partner of Park Harbor Capital. “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.”
In addition to co-developers MarketSpace Capital and Park Harbor Capital, several local companies are involved in this project, including THP as the structural engineer and The Kleingers Group as the civil and traffic engineer. BHDP, whose founders designed the original structure, will serve as the prime architect, with Human Nature serving as the landscape architect. BSB Group International will lead branding and marketing for the new development, and Preview Group will oversee code compliance.
Reported January 2022
$1 Billion Tri-County Mall Redevelopment approved in Cincinnati
The Springdale City Council recently approved the Tri-County Mall Redevelopment project, which would transform the largest shopping mall in Greater Cincinnati, into one of the largest mixed-use developments to be built on a single site, throughout the history of developments in the area. It will include restaurants, retail spaces, educational facilities, civic space, a mix of apartments, and science and medical spaces, along with up to five office buildings.
The $1 billion Tri-County Mall Redevelopment project was able to move forward and received unanimous approval from the council after a developer agreement and a zoning change were reached. The agreement involved a memorandum of understanding for a possible relocation of the Spring Springdale Community Center to this current mall site.
Located on a 76 acre plot at the corner of Ohio 757 and Kemper Road, south of Interstate 275, at 11700 Princeton Pike, the Tri-County Mall Redevelopment is meant to be completed in five phases. The first phase will retain upto 70% of the existing structure for reuse and the buildings developed would be allowed a maximum height of ten stories. According to the developers the existing buildings and parking garages are worth about $200 million and they expect the entire five phase project would be completed within the next five to ten years.
Based on the design plans for phase I of the Tri-County Mall Redevelopment, the development will include 120,000 square feet of retail space and restaurants, 230,000 square feet of Education and recreation space, and 450 multifamily housing apartments. Other amenities to be featured in this phase would include a dog park, walking and cycling trails, and a bioswale and park. More streets will be developed with infrastructures as well and this initial phase is expected to take up to $400 million in investment.
Phase II of Tri-County Mall Redevelopment project
The second phase of the Tri-County Mall Redevelopment will feature a hotel, 310 multifamily units and about 300,000 square feet of retail and restaurant space. In the third phase, 460 multifamily units and a grocery store, along with a foodhall spanning up to 70,000 square feet will be built. A science and medical space will also occupy 210,000 square feet.
Phase four will focus on the construction of 300 more multifamily units around a portion of the existing parking lot; and finally the phase five will be sectioned into smaller phases, consisting of developments such as 395 multifamily units and 24,000 square feet of commercial space, as well as 200 multifamily units and 18,000 square feet of commercial space. It also includes 14,000 square feet of retail space along with another 19,000 square feet of commercial and restaurant area, plus 9,000-square-foot high-end restaurant space and 200 multifamily units.
The companies involved in this Tri-County Mall Redevelopment project include two commercial real estate companies based in Texas, MarketSpace Capital LLC and Park Harbor Capital LLC; THP, as structural engineer; Terracon as Geotech/environmental, Kleingers Group as civil and traffic engineer, while Heapy will serve as mechanical, electrical and plumbing engineers. The design team will include BHDP as the prime architect, Human nature as the landscape architect. TEC studios will handle lighting, Preview Group will oversee code compliance, while ADK will serve as acoustic engineer.