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Sears, woah. The company has submitted plans to redevelop their current department store/auto shop at Aventura Mall into Esplanade at Aventura, a monstrous open-air village with 250,000 square feet of retail and restaurants, 45,000 square feet of office space, a hotel, and additional parking structures. Can we get an AMEN to that last one?
It all coincides with Sears Holdings' plan to restructure the company into one that offers less products and more services, as the organization has been struggling to keep up with the shifting world of retail. "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," said Jeff Stollenwerck, president of Real Estate for Sears Holdings, "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."
No word on when the project will be completed, as it has yet to be approved by the City of Aventura or by Turnberry Associates. "We look forward to reviewing and evaluating their plan for the potential future of the Sears' location," says Jonathan Kurry, general counsel for Turnberry. "Aventura Mall is committed to enhancing the experience for our retailers and their customers." Either way, there is going to be A LOT of construction happening at Aventura soon with the mall's upcoming expansion, which was supposed to begin this year.
· Sears Wants to Replace Aventura Mall with Sears [Curbed Miami]
· All Aventura Mall Coverage [Racked Miami]