The $1B proposal to convert Tri-County Mall is not dead yet. Old owners reclaim site

The redevelopment of Springdale's Tri-County Mall is back on after its previous owners − the brains behind the $1.3 billion Artisan Village proposal − reacquired the 73-acre site this week. Property records confirm the mall was purchased on Tuesday for $20 million.

According to a press release from MarketSpace Capital , one of the Texas-based developers associated with Artisan Village , the project will have a new name but a similar plan. It will still feature housing, retail, restaurants, entertainment areas and greenspace.

"We are thrilled to reignite this project and bring our vision of a dynamic mixed-use development to life," Mitch Syma, vice president of development at MarketSpace Capital, said in a statement. "Our unwavering commitment to collaborating with the community of Springdale and ensuring our development aligns with the city's approved plans will pave the way for a thriving future."

AV Cincinnati Acquisition, LLC, an affiliate of MarketSpace Capital, will be the master developer. According to the press release, there could be opportunities for other developers to purchase lots on the site.

The news comes after the ownership group, including Park Harbor Capital, lost control of the site after failing to pay back a $37 million loan. It's unclear if Park Harbor Capital is still involved.

The Artisan Village project was arguably the largest and most expensive development underway in Greater Cincinnati, and site work was originally expected to begin at the end of 2023. It would have turned the 64-year-old shopping center into a mixed-use mecca, adding housing and helping lure more young people to Springdale.

The project's fate remained unclear after Utah lender Reef Capital LLC sued to foreclose on the property at 11700 Princeton Pike Road in November. During court proceedings, one California company with development ties to Greater Cincinnati expressed interest in purchasing the mall from Reef Capital, with plans to turn it into housing, retail and a convention center .

This article originally appeared on Cincinnati Enquirer: The $1B proposal to convert Tri-County Mall is not dead yet. Old owners reclaim site