The former Sears department store at Hunt Valley Towne Centre will be redeveloped with more new stores and entertainment tenants under a plan announced Thursday.
The center’s landlord, Greenberg Gibbons, said it has formed a joint venture partnership with Seritage Growth Properties to remake a nearly 14-acre parcel at the open-air shopping center, including the former two-story Sears and a former auto center located behind anchor Wegmans.
The former Sears, already home to Michaels and HomeGoods on the first floor, will get additional retail on the second floor while the partnership will look into other development options.
The project represents the first phase of Greenberg Gibbons’ planned $150 million transformation of the center featuring new retail, office and hotel space and upscale apartments.
“We look forward to the continued evolution of Hunt Valley Towne Centre and creating a vibrant destination for our community,” Eric Walter, executive vice president of development, acquisitions and finance for Greenberg Gibbons, said in an announcement.
The retail center on Shawan Road in Hunt Valley, a redevelopment of the former enclosed Hunt Valley Mall, is surrounded by apartments and offices and anchored by Wegmans, Regal Cinamas, Marshalls and Dick’s Sporting Goods. Other tenants include restaurants, DSW, Ulta Beauty, Bassett Furniture, Eileen Fisher and Ann Taylor Loft.
Seritage, which owns the former Sears building, has been working with local developers elsewhere to redevelop its former department store properties. Sears had sold 235 stores and its stake in joint ventures involving 31 more to Seritage, a real estate investment trust spinoff, in 2015, raising about $2.7 billion.
Sears Holdings Corp., the parent of the struggling Sears and Kmart retail chains, filed for bankruptcy protection in October in a last-ditch effort to save the retailer.