Overview

• Phase One would raze the former Sears site for 282 apartments, 28,000 square feet of retail, a 1,100-seat performing arts center, and a 25,000-square-foot plaza.
• Phase Two depends on Macy’s closing or relocating and would replace the box with about 260 apartments, 16,000 square feet of retail, and a 19,000-square-foot plaza.
• Hunden projects about $396 million in net new spending, $74 million in net new earnings, 156 full-time equivalent jobs, and $9.2 million in new city taxes over 10 years.
• The study identifies feasibility gaps of roughly $2 million for Phase One and $13 million for Phase Two, with city participation via land, infrastructure reimbursements or tax incentives.
• Next steps include talks with Brookfield and other owners, a business plan for the arts center, conceptual city review, and negotiation of a development agreement, with no approvals or timeline set.