The Garden Oaks Sears store, which has been in operation for 70 years, is set to be demolished and replaced with a new mixed-use development. According to the Houston Business Journal, Lamasar Capital of Sugar Land has acquired the property at 4000 N. Shepherd Drive with financial backing from Summit Capital and Delta LP of Houston. The property includes not only the main Sears store but also an auto repair center.
The upcoming development will feature both retail and residential elements. Lamasar Capital has enlisted Fidelis for construction management duties on this project, which is expected to be completed within three to four years’ time.
This news comes as no surprise given that many once-dominant department stores have closed down in recent times. However, it presents an exciting opportunity for growth and revitalization in this area of Houston.
