Officials with the city of Springdale said the biggest project in the area’s history is happening at Tri-County Mall.
It has been purchased by MarketSpace Capital and Park Harbor Capital, according to a news release.
The $1 billion redevelopment will occur in five phases over 10 years to create a mixed-use property with new apartment communities, restaurants, retail and office spaces, educational facilities, entertainment venues and more.
Officials said it will include 25 acres of greenspace and a dog park adjacent to a dog-friendly restaurant. There are also plans for a culinary center.
“The site will also be home to a 120,000 square foot STEAM (Science, Technology, Engineering, Arts and Mathematics) Institute serving Princeton School District,” officials said in the release.
“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.”
Phase 1 of the Tri-County Mall transformation is to begin later in 2022. It will focus on a multifamily housing complex with 450 apartments, 40,000-square feet of retail and restaurant space and 110,000-feet of recreational space, including a 38,000-square foot fitness center, officials said.
“Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a bioswale and park,” the release states.
This project comes at a time when malls across the nation are struggling to keep businesses in them and to stay open. Tri-County has been mostly vacant for several years, with remaining stores and restaurants being accessible through exterior entrances.