The old Sears space at the former Valley View Center mall in North Dallas is being replaced by a development with two office towers. The owner of the property, a Sears-affiliated real estate investment trust called Seritage Growth Properties, has partnered with KDC to develop the space.
Valley View was demolished to be replaced by Dallas Midtown, an urban project with restaurants, shopping, housing, office, and a 20-acre central park. Old mall bad, new mall good.
Most of Valley View shut down in 2016, but Sears stuck it through until June. The department store had been at that location prior to the mall, which opened in 1973.
The new development will feature two Class A office towers with anchor retail and entertainment space. It's part of Seritage's planned 23-acre mixed-use project within the 430-acre Dallas Midtown Redevelopment Zone. The project will create a "live-work-play" environment with luxury residences, shopping, dining, and entertainment in a walkable community. Seritage is also considering adding a hotel and other amenities.
Its location at the intersection of the LBJ Freeway and Preston Road has uniquely convenient access to 635, US 75, and the Dallas North Tollway.
Spokesmen for Seritage and KDC are both feeling positive about the project.
"Seritage's plans are going to be a transformational project that converts the Sears site into a highly productive office and first-class retail, dining and entertainment destination," says Seritage executive VP James Bry in a astatement. "Together with KDC, we look forward to working in close collaboration with the City of Dallas to bring our vision for this innovative, mixed-use development to life."
"We are excited to take this once vibrant site with tremendous potential and breathe new life into it," says KDC senior VP Bill Guthrey. "This project will stand out as an iconic landmark while still blending into the surrounding community, creating strong connectivity and pedestrian access in a sustainable environment."
Dallas Midtown, a 40-block, 430-acre mixed-use development surrounding the former Valley View Mall, will be constructed in three phases. The initial phase is anticipated to be fully operational by the beginning of 2021. Seritage owns the former Sears store at Valley View Mall and is working with KDC on a site plan application that will be filed shortly with the city of Dallas.
Seritage Growth Properties has 230 wholly-owned properties and 28 JV properties across 49 states and Puerto Rico. Of those, 175 are leased to Sears Holdings and are either Sears or Kmart stores.