Goodbye, Sears! Hello, Game-Changing Park Heritage Mixed-Use Project Near LBJ
The demolition of a Sears building at Valley View Mall in Dallas Thursday christened the birth of Park Heritage, a 2M SF mixed-use project.
Seritage Growth Properties is partnering with KDC and Toll Brothers Apartments Living to bring two high-rise office buildings, 200 luxury multifamily units, and quality retail and restaurant destinations into the LBJ Freeway Corridor.
The ambitious project is part of a revitalization effort that will bring a dose of density and high-quality construction into a somewhat neglected part of Dallas near Interstate 635 (LBJ Freeway).
This area near Valley View Mall is more than two decades away from its heyday, priming the area for an ambitious overhaul.
Seritage Growth Properties, a REIT formed by Sears to spin off its properties from its retailing, serves as master planner and developer on the project and is working alongside KDC to construct two high-rise buildings with 1.8M SF of office space.
Toll Brothers Apartment Living also plans to build the first phase of 300 luxury rental units in partnership with Seritage.
“Dallas and Park Heritage is an ideal location for this integrated mixed-use project,” Seritage Growth Properties CEO Benjamin Schall said in a statement. “We are excited to partner with KDC and Toll Brothers Apartment Living, two best-in-class companies, on this transformational development.”
The project will benefit from its proximity to the intersection of LBJ Freeway and Preston Road.
“We are thrilled to start construction on Park Heritage and bring renewed energy and an iconic project to an area of Dallas that is ready for it,” KDC Senior Vice President and partner Bill Guthrey said. “This project will be the new centerpiece of the LBJ Corridor already known for its bustling business district and the Galleria."
With the Sears building demolished, construction crews intend to build out the infrastructure and roadwork next.
Sears properties around the U.S. have been undergoing redevelopment over the last few years as stores close and open up big blocks of space and big tracts of land, but this is a rare deal done by Seritage itself instead of selling to another developer.