Hicksville Sears Site Sold Again
By Nolan Cleary
The ill-fated 27-acre site of the former Sears department store, on North Broadway - Route 106-107 in Hicksville, has been sold again.
The Seritage Growth Properties group is set to sell their now vacant property in Hicksville to Steel Equities of Bethpage.
Seritage had initially planned a $200 million redevelopment of the land - with 425 apartments and parking for 2300 cars - which was scheduled for a hearing on March 10, 2020. The Hearing was canceled due to the Covid pandemic, which hit the United States that week.
The Seritage plan was blasted by local residents who denounced the plan as "much too big."
"Isn't Hicksville crowded enough?" posted one resident. If the site were developed in accordance with the residential zoning of the adjoining neighborhoods, the site would be developed into 65 single-family homes, on 1/3 acre lots, with a neighborhood park, and some commercial frontage on North Broadway.
The Seritage plan included a multi use space for restaurants, apartments, a movie theater, a grocery store, and a fitness club.
The project, titled “Heritage Village” was to be the subject of hearings from the town of Oyster Bay. Those hearings were cancelled after Seritage opted not to move forward with redevelopment plans.
Steel Equities, based in Bethpage won the bid for the area. According to industry insiders, Seritage Growth Properties could be seeking $52 million for the property.
“To ensure it is consistent with market conditions, our own realigned goals and business objectives, and reflects our discussions with community and government leaders,” read an official company statement from Seritage. “COVID has clearly altered the landscape for the entire real estate industry.”
Steel Equities previously acquired two abandoned Sears stores from the Long Island area, including the Smith Haven Mall in Lake Grove location, which they acquired for $28 million, and the Franklin Avenue in Garden City location. Both locations have since been leased out.