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.”