Sears plans to convert its property in Aventura, Fla., to mixed-use development
Aventura, Fla. --In another move to capitalize on its extensive real estate portfolio, Sears Holdings Corp. has submitted plans to the City of Aventura in Florida for the redevelopment of the Sears property at Aventura Mall into an open-air village that will feature retail, restaurants, offices and a hotel.
Esplanade at Aventura will be a complete redevelopment of the 12.3 acres owned by Sears Holdings that currently features a Sears full-line store, Sears Auto Center and adjacent surface parking areas. The proposed new development will include approximately 250,000 sq. ft. of retail and restaurants, 45,000 sq. ft. feet of office space, a hotel, and both subgrade and above-grade parking structures. Sears will retain a presence in a 20,000-sq.-ft. smaller-format store.
The development will feature a contemporary open-air collection of shops and restaurants, envisioned as a vibrant shopping and entertainment village that complements the mall's indoor offerings yet provides its own unique destination. Although entitlement of the project is now officially underway, the delivery date for the project has not been finalized.
Sears Holdings has retained JLL Retail to lease the project.
"With a location adjacent to one of the most successful malls in the nation, we have high expectations for Esplanade at Aventura and its ability to draw a unique offering of local, national and international retail concepts looking for a showcase presence in the dynamic South Florida market," said Steve Yenser, executive vice president of JLL Retail. "Esplanade at Aventura will also provide an incredible venue for a collection of exciting restaurants that leverage South Florida's existing culinary talent and offer a destination for other innovative concepts that are new to the market."
Esplanade at Aventura supports Sears Holdings' strategy to repurpose existing real estate assets.
"Sears Holdings proactively looks for opportunities to create long term shareholder value from its real estate holdings," said Jeff Stollenwerck, president of Real Estate for Sears Holdings. "Our owned real estate adjacent to Aventura Mall, one of the largest and most successful malls in the country, provides a significant platform for shareholder value creation, and we have a vision for the property that dramatically improves the overall retail experience for our Shop Your Way members and all future guests who visit Esplanade at Aventura."