Dive Brief:

• Sears Monday submitted plans for a multi-use, open-air retail development to the city of Aventura, FL.

• The development, the first of its kind for Sears, includes several elements of the newfangled American malls that have seen success, and is an indication that plans for its real estate may be more than simply extracting value from holdings by selling off parcels and stores.

• Plans include an “open air village” including office space, restaurants, a hotel, retail, an auto center, and a significant redesign of parking lots and other areas of the property, the company said.

Dive Insight:

Several Sears stores have been criticized for being poorly lit, unkempt, and neglected, so this move from the company could be too little too late — but it’s somewhat stunning, and a sign of life. It’s the kind of project usually led by development firms or mall-management companies, but Sears' extensive real estate holdings and its recent decision to treat them as a business unit could enable this kind of creative retail development.