MIAMI—The Sears at the Aventura Mall as we know it may soon be a distant memory. That's because Sears Holding Corporation just submitted plans to the city of Aventura to redevelop the property—and those plans are a vast departure from the current box that sits there.

Specifically, plans call for an open-air village that would be home to restaurants, retail, office space, and even a hotel. Dubbed Esplanade at Aventura, Sears wants to completely redevelop the 12.3 acres it owns, which currently houses a Sears full-line store, Sears Auto Center and parking areas around the structures.

“Sears Holdings proactively looks for opportunities to create long term shareholder value from its real estate holdings,” says Jeff Stollenwerck, president of real estate for Sears. “Our owned real estate adjacent to Aventura Mall, one of the largest and most successful malls in the country, provides a significant platform for shareholder value creation, and we have a vision for the property that dramatically improves the overall retail experience for our Shop Your Way members and all future guests who visit Esplanade at Aventura.”

The proposed new development will include about 250,000 square feet of retail and restaurants, 45,000 square feet of office space, a hotel, and both subgrade and above-grade parking structures. Sears will also offer a 20,000-square-foot smaller-format store. JLL Retail was picked to lease the project.

“With a location adjacent to one of the most successful malls in the nation, we have high expectations for Esplanade at Aventura and its ability to draw a unique offering of local, national and international retail concepts looking for a showcase presence in the dynamic South Florida market,” says Steve Yenser, executive vice president of JLL Retail. “Esplanade at Aventura will also provide an incredible venue for a collection of exciting restaurants that leverage South Florida's existing culinary talent and offer a destination for other innovative concepts that are new to the market.”

San Francisco- and Miami-based SB Architects, whose notable projects include Santana Row in San Jose, Calif., and the Design District in Miami, designed Esplanade at Aventura. As part of its design, Esplanade at Aventura will rely on shading and cooling strategies to create space that embraces and addresses the South Florida climate, and makes it possible for guests to engage in open-air shopping and patio dining year-round.

“We are confident that we can deliver a convenient, day-to-day town center experience for local residents while also catering to the regional, national and international customers that frequent Aventura,” says Paul D'Arelli, development advisor for Sears. The delivery date for the project has not been announced.