Sears to Repurpose its Aventura Mall Property

Sears currently owns a full-line retail store, a Sears Auto Center and a large expanse of parking area adjacent to the two buildings. In a plan to revamp the existing property and increase the profitability of its holdings, Sears has submitted plans to the City of Aventura that will redesign the retailer’s current location into an innovative, open-air village.

In addition to the site’s current retail purpose, the new vision for this property also includes a hotel, restaurants and offices. When the proposed changes are completed, the 12.3 acre property will include 250,000 square feet of dining establishments and retail, above- and below-ground parking structures, a hotel, and 40,000 feet office space. While Sears will give up its current retail location, it will remain a presence in the complex with a new, smaller retail outlet of 20,000 square feet. The new multipurpose village on the existing Sears site will be called Esplanade at Aventura. The entertainment and shopping village that it will create is intended to complement the indoor retail offerings at the Aventura Mall and to provide an even more enjoyable shopping and dining experience for the mall’s customers.

The reinvigoration of the Aventura Mall site is a part of Sears Holding Corp’s plan to improve revenues for a brand that has been struggling in recent years. The company is looking to redevelop current property holdings, many of which are extensive, turning them into contemporary shopping and entertainment destinations that appeal to the customer of the 21^st century. In new retail villages like the proposed Esplanade at Aventura, the Sears is looking to create just the right mix of local, regional, and national retail and dining names that will appeal to today’s consumers. Instead of being viewed as traditionalists in the retail arena, Sears wants to be seen as an innovator at the forefront of shopping and dining trends.

One reason that Sears Holdings Corp. decided to implement their new strategy at the Aventura Mall property is the success that this mall is already experiencing. Consumers already flock to this thriving mall, but the unique concept of the new Esplanade is intended to draw their interest and to provide options that are lacking in the Aventura Mall’s traditional, indoor concept.

The plans for the new Esplanade at Aventura property have been designed by SB Architects, based in Miami and San Francisco. While there is no firm delivery date for the project, its entitlement is now officially underway, with more details soon to follow.