searstown project rendering

National multifamily developer Aimco (NYSE: AIV) has the former Sears site, known as Searstown, in Fort Lauderdale under contract, according to three sources familiar with the deal.

Sears closed its doors in January after 66 years at 901 N. Federal Highway, on the north side of the Flagler Village neighborhood. Sunny Isles Beach-based RK Centers, led by Miami Heat co-owner Raanan Katz, owns the property through RK Associates and first filed an application to redevelop the property in 2020.

After buying Sears out of its lease, RK Associates purchased the last remaining parcel there from Sears for $4.3 million in January.

In its first quarter earnings report, Denver-based Aimco disclosed that it entered into a $100 million contract to purchase a 9-acre site in the Flagler Village neighborhood of Fort Lauderdale. It plans to develop the site with a 3 million-square-foot, mixed-use project with up to 1,500 residential units.


Source:  SFBJ