Developers Push to Replace Sears and Macy’s Stores with Multifamily
As the department store industry continues to face extreme pressures, the owners of The Streets at SouthGlenn, Alberta Development Partners and Northwood Investors, recently submitted plans to the City of Centennial to allow for redevelopment of a vacant Sears and soon-to-close Macy’s on the site into hundreds of apartments.
The Streets at SouthGlenn is a mixed-use center that includes shopping, dining, living and working options that serve the neighborhood, the city, and the region. It is located at the southwest corner of Arapahoe Road and University Boulevard in the City of Centennial.
What is proposed?
- Increase the allowed number of residential units from 350 units to a total of 1,125 units. Currently, there are 214 residential units within The Portola at SouthGlenn apartment building.
- Modify the permitted height on the Sears parcel and the Macy’s parcel from 50 ft. to 75 ft. The current allowable building heights within The Streets at SouthGlenn vary across the site. No building is allowed to exceed 100 ft. For context, the current tallest building is the office building north of the existing Sears building at 85 ft.
- Provide an open space area along the north side of E. Easter Ave. to serve residential development at the Sears Parcel. The developer would be required to provide a minimum of 25,000 square feet of contiguous public open space, green space, passive recreation, or common public space to serve residential development at the Sears Parcel.
- Decrease the required amount of retail from 909,815 sq. ft. to 621,000 sq. ft. Currently, there is 948,853 sq. ft. of leasable retail area, including the Sears and Macy’s buildings, which are approximately 307,000 sq. ft. combined.
Alberta Development Partners and Northwood Investors submitted plans to the city on June 22, 2021. The application was deemed complete on July 20 and the plans are now currently under the city’s review process.
CLICK HERE to learn more
Photo courtesy of City of Centennial