Sears Holdings Corp. has filed plans with a Florida city in Aventura showing an idea of a retail village in connection with a redevelopment project adjacent to the Aventura Mall in South Florida.
According to Sears, the plan for Esplanade at Aventura, 12.3 acres owned by Sears, calls for an open-air retail and entertainment village featuring retail, restaurants, offices and a hotel. The proposed plan includes 250,000 square feet of retail and restaurants, 45,000 square feet of office space, a hotel and both subgrade and above-grade parking. Sears will have a presence in a 20,000 square-foot store, representing one of its smaller-store formats.
Sears currently has a full-line store at the site, including a Sears Auto Center and adjacent parking areas.
The design for the Esplanade that is on file was developed by SB Architects of San Francisco and Miami.
Sears said the Esplanade “supports Sears Holdings’ strategy to repurpose existing real estate assets and is another example of how it is transforming one of the largest retail real estate portfolios in the U.S.
There is no timeframe yet for the expected completion of the project.
In late morning trading Monday, shares of Sears slipped 6.5 percent to $40.03.