The city of Miami has approved a mixed-use development plan for the site of the old Sears store at 3655 SW 22nd Street, which may potentially lead to the store's demolition. The proposed development encompasses 8.12 acres and includes three eight-story buildings that will house 1,050 residential units along with nearly 50,000 square feet of retail space. Real estate experts believe the site’s strategic location makes it highly attractive to developers, although the plan does not guarantee immediate action as the property is also up for sale.
"This extraordinary opportunity will appeal to a wide range of developers," said Robert Given, vice chairman at real estate and investments firm CBRE, which is handling the property sale listing.
"The site's scale and proximity to Coral Gables provide an unparalleled opportunity to create a mixed-use enclave in one of South Florida's most sought-after locations."
The proposed mixed-use site plan for the eight-acre site where a Sears department store has stood since 1959 features three eight-story buildings with 1,050 residential units and nearly 50,000 square feet of retail space.
The store, near the Coral Gables border, sits on land owned by RK Associates, which listed it for sale in May.
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