Tuesday, May 02, 2017

See ya, Sears: Department store to close as Dallas Midtown begins to take shape

Sears (Nasdaq: SHLD) Valley View Center — a longtime department store in North Dallas — and the Sears Auto Center plans to close its doors in July to make way for the Dallas Midtown redevelopment.

The 40-block, 430-acre Dallas Midtown site is earmarked for redevelopment with mixed-use development plans slated for the area bounded by the Dallas North Tollway, LBJ Expressway, Spring Valley Road and Montfort Road in North Dallas.
Real estate sources say Dallas-based KDC has partnered with Seritage Growth Properties, which is the Sears-affiliated real estate investment trust, to market and redevelop the property at 13131 Preston Road into a mixed-use development.

"We are advancing our plans to create a first-class mixed-use development on our 23-acre parcel in Midtown Dallas that will add long-term value to the community," said Angela Bonnici, a spokeswoman on behalf of Seritage Growth Properties, in an email to the Dallas Business Journal.

"We are very excited about the property's potential and look forward to sharing details in the future," she added.

In February, demolition crews began tearing down the former Macy's to make way for a mixed-use development lead by Dallas-based EF Properties LLC.

KDC is known for building big campuses in the midst of walkable, mixed-use real estate, such as the regional campus for Liberty Mutual Insurance and Toyota's new North American headquarters in Legacy West.

Candace Carlisle/Dallas Business Journal.