SPRINGDALE, Ohio — An investor group that took charge of the Tri-County Mall's redevelopment in July has renamed the project City Center Springdale.
It's also bringing a new approach to the former Artisan Village project, in hopes of bringing new construction to the site by the end of next year.
City Center Springdale will be “a vibrant hub for business and community,” according to a press release issued Wednesday by Houston-based MarketSpace Capital LLC.
MarketSpace organized a group of investors that bought the 76-acre mall from a Utah-based lender that foreclosed on the property in February.
The new investors, operating as AV Cincinnati Acquisition LLC, are seeking zoning approvals from the city of Springdale to add an office building and other modifications to the previously approved site plan for Artisan Village.
"Clearly there’s interest in this. I don’t think it’s a huge lift to bring the development to fruition," said John Rickert, managing partner of Lee & Associates and local representative for AV Cincinnati.
A “concept plan” on the project’s website shows the new owners want to establish a medical office building on the site's northeast corner. It also depicts a smaller footprint for residential buildings and four locations designated as "fitness facilities."
Rickert said the fitness facilities could include indoor and outdoor pickleball courts and play areas similar to what's available at Factory 52 in Norwood.
The office building would take advantage of the site's highway visibility and two parking garages with a combined 3,500 spaces. Rickert said those garages could be worth up to $80 million, if used.
"Office is not dead. Office needs to be developed carefully," Rickert said. "I think the structured parking is part of what make the site unique and different than the universe of dead mall sites. We have this tremendous value. It has to be unlocked."
Rickert is hoping to secure zoning approvals by the end of this year and start demolition early next year. How quickly the site gets built will depend on the success of a new syndication strategy he's pursuing for the project.
Rickert is talking to local developers interesting in building on zones or parcels within the 76-acre mall site. Those developers would have to pay for a portion of demolition and site-development costs, but they would have access to tax-increment financing tools approved by Springdale in 2022.
"What we are trying to do here is something that’s good," Rickert said. "You’re taking 76 acres of prime real estate that’s degrading and you’re reconstituting it to a live-work-play area. You’re giving it a sense of place and you’re creating that sense of place in the community of Springdale. That’s good for everybody."
