Artisan Village still kicking after foreclosure fight

Artisan Village may not be dead after all.

Twenty days after two Texas developers missed the deadline for buying Tri-County Mall from their former lender, one of those developers has announced the re-acquisition of the 76-acre property in a deal that excludes its former partner.

Houston-based Market Space Capital formed a new company that is “affiliated with the previous ownership group” to repurchase the mall, according to its press release.

“We are thrilled to reignite the Artisan Village Cincinnati project and bring our vision of a dynamic mixed-use development to life,” said Mitch Syma, vice president of development at MarketSpace Capital. “Our commitment to the community and to creating a space that enhances the lifestyle and economic opportunities in Springdale is unwavering.”

Market Space partnered with Dallas-based Park Harbor Capital in 2022 to acquire the former Tri-County Mall for $28 million. The deal was financed by Reef Private Credit in Utah. Market Space did not reveal terms of the repurchase.

Park Harbor Managing Principal Michael VanHuss said his company is not involved.

As time runs out for Artisan Village, a new developer weighs next steps at Tri-County Mall

“The original investors restructured the ownership group and intentionally left Park Harbor out of it,” VanHuss said.

The new entity – AV Cincinnati Acquisition LLC – has retained John Rickert, principal at RICORE/Lee & Associates, to “handle brokerage, marketing, and property management services for the development.”

He'll try to find “parties looking to purchase or develop lots,” said the release.

Rickert sent a letter to the city of Springdale Tuesday to request a closed-door meeting with city officials in early August to discuss its plans for the property.

“During this meeting, we intend to present the latest site plan for Phase 1 of the development and discuss the infrastructure enhancements that are pivotal to our project’s success,” Rickert wrote. “Our goal is to reinstate the development agreement with the city of Springdale and ensure our efforts align with the community’s needs and expectations.”

It’s the latest twist in a turbulent two-year run for Artisan Village, which was introduced as a $1.1 billion project that included a 2,600-unit apartment community with a 5-acre dog park, outdoor entertainment venues, restaurants and other amenities. The project ran into trouble in 2023 when rising interest rates and other problems made it difficult to secure new financing to repay Reef’s acquisition loan.

When Reef sued to foreclose on the property, rival developer Stuart Lichter offered to step in with a mixed-use development that included fewer apartments and added uses not in the original Artisan Village plan. These included housing for seniors and convention/exhibition space, along with the sale of seven pieces of land to attract new retailers along Kemper Road and Princeton Pike.

Reef gave the Texas developers until July 3 to raise enough money to reclaim the property. When the deadline passed, Lichter said he would try to purchase the site from Reef and pursue a development agreement with Springdale.

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