MarketSpace Capital and Park Harbor Capital Officially Begin Transformation of One of Ohio's Largest Shopping Malls

SPRINGDALE, Ohio, March 8, 2022 /PRNewswire/ -- MarketSpace Capital and Park Harbor Capital announced today the official closing of their purchase of Tri-County Mall, located in Springdale, OH. This important milestone signifies the transfer of ownership to the Texas-based co-developers and the beginning of a new era for one of Greater Cincinnati's most recognized destinations.

"Today is a day many of us dreamed of but never thought would happen," said Springdale Mayor Doyle Webster. "It's the biggest project in the history of our city and one of the most ambitious undertakings our entire region has ever seen. It will bring jobs, inspire community, cultivate learning, and ignite growth. I could not be more excited that we are now officially on our way."

The $1 billion Tri-County Mall Redevelopment project received unanimous approval from the Springdale City Council just ten weeks ago and is now set to begin construction later this year. The project will transform the largest - and mostly vacant - shopping mall in Greater Cincinnati into one of the largest mixed-use developments in the state. It will include new apartment communities, restaurants, retail and office spaces, educational facilities, entertainment, and recreational areas, a culinary center, and 15 acres of green space, including a dog-friendly restaurant with an accompanying park. The site will also be home to a 120,000 square foot STEAM (Science, Technology, Engineering, Arts and Mathematics) Institute serving Princeton School District.

"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."

The project will be completed over five phases, with the full build of the entire 76-acre site completed in approximately 10 years. Phase-1 of the development, scheduled to begin later this year, will include 450 multifamily housing apartments, 40,000 square feet of retail space and restaurants, and 110,000 square feet of recreational space, including a 38,000 square foot fitness center. Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a bioswale and park.

Coresight Research estimates 25% of America's roughly 1,000 malls will close over the next three to five years, with the pandemic accelerating a demise that was already underway due to the increase in online shopping. Malls saw their real estate value plunge an average of 60% post-COVID, with more than 700 anchor stores vacant as of July 2021. According to global investment bank, UBS, 80,000 retail stores will shut their doors permanently by 2026.

"America's malls have been struggling for many years, and the outlook for them isn't getting any better," said Michael VanHuss, Managing Partner of Park Harbor Capital. "The city of Springdale and the Greater Cincinnati area has felt that impact firsthand with the demise of Tri-Country Mall. That's why we are so excited to partner with the community and an incredible group of experts to create an iconic destination that families will be able to visit and enjoy for a very long time."

In addition to co-developers MarketSpace Capital and Park Harbor Capital, several local companies are involved in this project, including THP as the structural engineer and The Kleingers Group as the civil and traffic engineer. BHDP, whose founders designed the original structure, will serve as the prime architect, with Human Nature serving as the landscape architect. BSB Group International will lead branding and marketing for the new development, and Preview Group will oversee code compliance.

About MarketSpace Capital
MarketSpace Capital, LLC is a Houston, Texas-based private equity real estate development firm focused on ground-up developments and value-add investments throughout the United States. Through its relationships, expertise, and disciplined, data-driven analysis, the company's veteran staff maximizes value creation through a comprehensive, programmatic and conservative investment philosophy and asset management approach. For more information, visit https://marketspace.capital/.

About Park Harbor Capital
Park Harbor Capital, LLC is a full spectrum commercial real estate firm based in Dallas, Texas. The principals at PHC have been involved in acquisition, value-add, adaptive reuse, design, development, construction and continued operations in almost every commercial asset class ranging from a few million dollars to projects exceeding $1B in total scale. Michael VanHuss, Managing Principal at PHC, has a history of hands-on leadership with iconic redevelopments, including the $275 million restoration of The Statler, one of America's Historic Hotels, and the $1.5 billion redevelopment of Collin Creek Mall in Plano, Texas.

SOURCE BSB Group International; Park Harbor Capital