Tuesday, March 5, 2019
Owners of the now-shuttered Sears department store in La Cumbre Plaza have listed the iconic property for sale, informing would-be buyers it could be developed with as many as 546 high-density housing units. No price was included in the offering. City Hall officials have been in contact with the family that owns Sears and have reportedly insisted that any new development take place in coordination with the entire La Cumbre Plaza. The mall is owned by at least three separate investment groups, making development complicated and problematic.
City officials had not heard reports that noted real estate developer Brian Kelly, famous, among other things, for building the Lark complex in the Funk Zone, was attempting to secure control of La Cumbre. Calls to Kelly were not returned by deadline. If Kelly were to sew up management control of the entire mall, that would simplify efforts to redevelop the property, which is zoned to allow housing, retail, hotels, and mixed-use. Any major new initiative at La Cumbre would require a new specific plan.