The Edgewater, NJ-based Starwood plans to retain the property'stwo active anchors, Sears and Value City, as freestandingbuildings, but raze most of the rest of the 800,000-sf center,which is nearly devoid of smaller in-line tenants. Besides the mainmall structure, vacant Stern's department store and movie theaterbuildings will also bite the dust. From the rubble will rise a onemillion-sf power center. (Power centers are defined within theshopping center industry as several freestanding"category-killers," including discount department stores, off-priceoutlets, "mega" stores like Toys 'R' Us and Home Depot andwarehouse clubs.)

"Seaview Square has gone through tough times trying to competewith nearby and much larger Monmouth and Freehold Raceway Malls,"says Ocean Twp. Mayor Terrance Weldon, who has been involved withvarious proposals to revive the property over the last six years."We needed something dramatic and innovative to attract newretailers to the site, and we finally found it. They have thewherewithal and ability to redevelop the property with animaginative reuse plan."

"Seaview Square's re-emergence as a power center will appeal toa different market than Monmouth Mall or Freehold Raceway Mall,"Heller asserts. "With its strategic location in Monmouth County,one of New Jersey's fastest-growing areas near the shore, it isvery promising as a successful operation."

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