More than three years after the project officially kicked off, one of the largest owners of the Valley View Mall site in North Dallas wants to sell the property.
Seritage Growth Properties planned to build a high-rise complex on part of a former mall site near the northwest corner of LBJ Freeway and Preston Road.
In 2019, Seritage and Dallas developer KDC held a groundbreaking ceremony to begin construction on what was slated for up to 2 million square feet of office, retail and residential construction.
However, development never took off.
Seritage now wants to sell about 17 acres of land that once housed the Sears department store at the mall.
KDC is no longer involved in this transaction.
Commercial real estate firm Jones Lang LaSalle is selling Seritage’s Valley View land called Vista Commons.
According to JLL’s marketing pitch, “Vista Commons offers generational opportunities to acquire fully qualified high-density master plans with flexible densities for residential, office, retail and hospitality applications. “As Dallas continues to attract an international audience and business relationships, Vista Commons provides a unique opportunity for businesses and top talent to foster a community that inspires growth and innovation.” increase.”
JLL describes the property as “shovel friendly” with easy access to both the LBJ Freeway and the nearby Dallas North Toll Road.
Seritage, born out of the Sears bankruptcy, recently announced plans to sell much of the real estate it inherited from the failed department store chain. The company owns over 100 of his properties nationwide, including a North Dallas property.
“The Special Committee, the Board and management all agree that, given the diverse nature of our portfolio, pursuing multiple transactions with different potential buyers of an asset or group of assets will maximize shareholder value. We believe it has the potential to offer the best possible opportunity,” Orshan said in a statement. “We believe that execution of our divestment plan will create a more competitive divestiture process and maximize shareholder value as we continue our strategic review.”
Seritage’s decision to sell the Valley View land is just the latest setback in an almost decade-long effort to redevelop the strategically located shopping mall site.
While redevelopment plans are underway at the Red Bird Mall in southwest Dallas and the Collin Creek Mall site in Plano, Valley View’s grandiose plans have all but stalled.
Most of the once-popular regional shopping centers built in the 1970s have been demolished. The last Valley View department store closed almost a decade ago.
The mall site is managed by multiple owners, each of whom has worked on a redevelopment plan for their property.
In addition to Seritage, other sections of the former mall are owned by Beck Ventures of Dallas and Minnesota-based LTF Real Estate.
City leaders still hold out hope for the project, one of the largest segments of the 440-acre redevelopment recently rebranded as the International District.
The city is funding infrastructure improvements and new parks to be built in the project, which spans between the Dallas Galleria and Preston Road.