Tri-County Mall development project will cost $1 billion over 10 years
Springdale city officials say the largest project in the area’s history is taking place at the Tri-County Mall.
It was purchased by MarketSpace Capital and Park Harbor Capital, according to a press release.
The $1 billion redevelopment will take place in five phases over 10 years to create a mixed-use property with new apartment communities, restaurants, retail and office space, educational facilities, entertainment venues and more.
Officials said it would include 25 acres of green space and a dog park adjacent to a dog-friendly restaurant. There are also plans for a culinary center.
“The site will also house a 120,000 square foot STEAM (science, technology, engineering, arts and math) institute serving the Princeton School District,” officials said in the statement.
“This development, and the ultimate partnership with MarketSpace Capital and Park Harbor Capital, will not only be transformational for the Princeton School District, but for the entire region,” said Tom Burton, superintendent of Princeton ISD. “Princeton STEAM Institute will continue to connect our students with opportunities to bridge the workforce divide that pervades our region, state, and country. Creating opportunities for our students to be prepared for whatever life throws at is another example of closing this opportunity gap. »
Phase 1 of the Tri-County Mall transformation is scheduled to begin later in 2022. It will focus on a multi-family housing complex with 450 apartments, 40,000 square feet of retail and restaurant space and 110,000 square feet of recreation space, including a 38,000 square foot foot fitness center, officials said.
“Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails, a swale and a park,” the statement said.
This project comes at a time when malls across the country are struggling to keep business and stay open. Tri-County has been mostly vacant for several years, with the remaining shops and restaurants accessed by exterior entrances.