Tri-County Mall has officially shut its doors to make way for a massive $1.3 billion redevelopment dubbed Artisan Village.
Texas-based developers MarketSpace Capital LLC and Park Harbor Capital LLC announced the mall’s closure in a news release Monday.
Developers say a single retailer, Rainbow, is choosing to remain during initial construction. Surrounding retailers including Starbucks, BJ’s, Outback Steakhouse and Men’s Warehouse will stay open during construction, the release states.
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“As with all things, to start a new chapter, you have to close the previous one,” Michael VanHuss, founder of Park Harbor Capital, said in a statement.
“Tri-County Mall has been such an institution for this region for many years, and we wish all the prior tenants all the best in their own next chapter,” VanHuss said.
The 76-acre site, which is located inside the Interstate 275 loop, will be redeveloped to include housing and retail space, recreation and education facilities, restaurants and civic, science and medical space.
MarketSpace Capital and Park Harbor Capital closed on their purchase of the mall in March.
The developers are preserving much of the nearly 3 million square feet of concrete and steel currently on the site, David Wallace, CEO of DGW Consultants LLC, said last week during a Q&A regarding the Tri-County Mall redevelopment.
Construction on the first and largest phase, costing around $500 million, is set to begin later this year, developers say. Messer Construction has been contracted to work on the project, Wallace said.
Developers will go before the Springdale Planning Commission in June to present the final design for the project’s first phase, Wallace said. Each subsequent phase will also require approval from the planning commission.