It will be years before the now-closed Sears store in Bowie is redeveloped and finding another tenant didn’t work, the property’s owners told residents at a stakeholders meeting at Bowie City Hall Jan. 23.
Robert Ursini of Seritage Growth Properties explained his company purchased 240 Sears and K-Mart buildings across the United States since 2015. The easiest way for them to make money from those properties to benefit their stockholders is to reuse the existing building, he said.
In Bowie’s case, he said they have marketed the 130,000 square-foot space without success. The Sears store closed at the end of 2018.
Now they are proposing a redevelopment of the 10.8-acre site that could include structured parking, up to 800 apartments, 75,000 feet of retail space, 80,000 feet of office space and a 155-key hotel.
Click here to read the rest of the article written by Rachael Pacella over at the Bowie Blade