Sears to Repurpose its Aventura Mall Property

The Sears Holdings Corporation has
recently announced its intent to redesign and recreate its property
holding at the Aventura Mall in Aventura, FL, one of the largest and
most successful malls in the United States.

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.

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