More than three years after hosting a kickoff for the start of a mixed-use development project there, one of the largest owners at the former Valley View Mall site is selling the property.
Seritage Growth Properties planned to build a high-rise mixed-use development on part of the former Valley View Mall site near the corner of LBJ Freeway and Preston Road. Seritage and developer KDC hosted a commencement ceremony in 2019 to kick off construction on the project, which was to have up to 2 million square feet of office, retail, and residential space.
Now Seritage hopes to sell the nearly 17-acre property, and Jones Lang LaSalle (JLL) is marketing Seritage’s Valley View property, calling it Vista Commons.
“Vista Commons provides a generational opportunity to acquire fully entitled, high density master plan, with flexible densities for residential, office, retail and hospitality uses,” JLL’s marketing pitch reads. ”As Dallas continues to attract an international audience and business relations, Vista Commons offers the unique opportunity for corporations and top talent to cultivate a community that inspires growth and innovation.”
JLL says the property is “shovel ready” and provides easy access to LBJ Freeway and the Dallas North Tollway.
Seritage, created from the Sears bankruptcy, recently indicated in preliminary proxy materials filed with the U.S. Securities and Exchange Commission that it plans to sell many of the properties it acquired from the department store chain. The company’s portfolio includes more than 100 properties in the U.S.
“The Special Committee, the Board, and the management team all believe that, given the diversified nature of our portfolio, pursuing multiple transactions with different potential buyers for assets or groups of assets may present the best opportunity to maximize shareholder value,” Seritage CEO Andrea Olshan said. “We are confident that implementing the Plan of Sale will create a more competitive sale process and will best position us to maximize shareholder value as we continue our strategic review.”
Much of the former Valley View Mall shopping center has been demolished. City leaders’ vision for the site, which is part of a 450-acre redevelopment branded as the Dallas International District, includes a 20-acre park.