Homart Development Company Explained

Homart Development Company, a Chicago-based subsidiary of Sears, was one of the largest builders of shopping centers and malls in the United States from 1959 to 1995.

Homart Development Company
Type:Subsidiary
Industry:Mall development
Fate:Acquired by General Growth Properties
Successor:General Growth Properties
Hq Location:Chicago, IL
Products:Shopping centers
Parent:Sears

Company history

As retail development in the United States shifted away from downtowns with the growth of suburbia after World War II, some major department stores such as Sears moved into the business of developing malls in which to place new anchor tenant locations.[1] Homart Development Company was founded in 1959 for the purpose of building regional shopping malls for Sears.[2] The "Homart" brand name had been used by Sears for many years before the development company was founded.[3]

Seminary South Shopping Center in Fort Worth was their first project.[4] [5]

By 1971, Homart was operating nine regional shopping locations, and had numerous others in development.[6] It became the nation's second largest mall developer,[7] and by 1992 it was reported that Homart had developed 80 malls with over 75000000square feet of retail space.[8] By 1994, it was also operating 36 of those developed malls.[9]

In November 1994, Sears announced that it planned to sell off Homart as part of a restructuring.[10] General Growth Properties completed an acquisition of Homart in late 1995 in a transaction valued at $1.85 billion, then one of the biggest real estate deals in history.[11] [12] [13] Homart also owned a number of office buildings which were also sold in 1995.[14]

Management

Sears executive Emory Williams was the first president of Homart. Warren G. Skoning was appointed president in 1967,[15] and elected as chairman in 1974.[16] Also serving as vice-president of real estate development for Sears, Skoning was involved in the development of the Sears Tower.[17] [18] [19] W.E. Lewis was named president in 1974 when Skoning became chair.[16]

Edwin Homer, former president of Chrysler Realty, joined as president in 1980, later became chair and CEO, and served until his retirement in 1984.[20] [21] [22] Homer diversified Homart's portfolio by developing office properties and community centers, in addition to malls, and also sold some of Homart's malls to generate additional profit for Sears.[21]

In 1985, Michael J. Gregoire was named president and COO, and he also became chairman in 1987.[23] [24]

Notable projects

Notable shopping centers developed by Homart include:

Mall name Town State Notes Year opened
Seminary South Shopping CenterFort WorthTexasAn open-air mall which opened in March 1962. It was sold by Homart in 1985. It was renovated and enclosed, and reopened as the Fort Worth Town Center in 1987,[25] [26] [27] [28] [29] and then as "La Gran Plaza de Fort Worth" in 2004.[30] 1962
Hancock Shopping CenterAustinTexas1964
Coronado CenterAlbuquerqueNew Mexico1965
Natick CollectionNatick (Greater Boston)MassachusettsRebuilt in 19941966
AlbanyNew YorkFirst enclosed shopping mall in New York State's Capital Region. 1966
San Bernardino (Inland Empire area)California1966[31]
Midland MallWarwickRhode IslandRenamed the Rhode Island Mall in March 1985. Closed in 2011.1967[32]
Woodfield MallSchaumburg (Chicago metropolitan area)IllinoisJoint venture with A. Alfred Taubman, was world's largest enclosed mall at time of opening.[33] [34] 1971
Town East MallMesquite (Greater Dallas Area)Texas1971
Castleton SquareIndianapolisIndianaJoint venture with Edward J. DeBartolo1972
Valley View CenterDallasTexas1973 (closed 2022)
MetrocenterPhoenixArizonaJoint venture with Westcor[35] 1973 (Closed 2020)
Altamonte MallAltamonte SpringsFloridaJointly developed with Edward J. DeBartolo Corporation[36] [37] 1974
Maplewood MallMaplewood (Minneapolis–Saint Paul area)Minnesota1974
Independence CenterIndependence (Kansas City area)Missouri1974
Westminster MallWestminster (Orange County)California1974[38]
Brea (Orange County)California1975[39]
Northbrook CourtNorthbrook (Chicago metropolitan area)Illinois1976
Orland Square MallOrland Park (Chicago metropolitan area)Illinois1976
Eden Prairie CenterEden Prairie (Minneapolis–Saint Paul area)Minnesota1976[40]
Florence MallFlorence (Cincinnati metropolitan area)Kentucky1976
Woodland Hills MallTulsaOklahomaExpansion completed by Homart in 19821976
Lakeside MallSterling HeightsMichiganJoint venture with Alfred Taubman1976
Burnsville CenterBurnsville (Minneapolis–Saint Paul area)Minnesota1977[41]
Louis Joliet MallJolietIllinoisRenamed in mid 2000s as Westfield Louis Joliet1977
Twelve Oaks MallNoviMichiganJoint venture with A. Alfred Taubman and Dayton-Hudson Corporation1977
Westfield BrowardPlantation (Miami Metropolitan Area)FloridaAcquired by Westfield Group in 2007 and renamed Westfield Broward1978
Baybrook MallFriendswood (Greater Houston)Texas1978
MetrocenterJacksonMississippiJoint venture with Jim Wilson & Associates1978[42]
Acadiana MallLafayetteLouisianaJoint venture with Robert B Aikens & Associates1979
Fiesta MallMesa (Phoenix metropolitan area)ArizonaOpened on October 3, 1979.1979 (closed 2018)
Spring Hill MallWest Dundee (Chicago metropolitan area)Illinois1980
Town Center MallBoca Raton (Miami Metropolitan Area)FloridaAlso known as Town Center at Boca Raton1980
Willowbrook MallHoustonTexas1981
Greenbrier MallChesapeakeVirginia1981
Deerbrook MallHumble (Greater Houston)Texas1982
Westgate MallHumble (Amarillo)Texas1982
North Shore SquareSlidellLouisiana1985[43]
Tysons GalleriaTysons Corner (Washington Metropolitan Area)VirginiaJointly developed with Lerner Enterprises1988
Lakeland Square MallLakelandFloridaJointly developed with Edward J. DeBartolo Corporation[44] 1988
The Parks at ArlingtonArlington (Greater Dallas area)Texas1988
Vista Ridge MallLewisville (Greater Dallas area)TexasJointly developed with Herring Marathon Group and JCP Realty [45] 1989
Arden Fair MallCaliforniaRebuilding of Arden Fair Mall1989
The Shoppes at Buckland HillsManchester (Greater Hartford area)ConnecticutOpened in March 1990 as "The Pavilions at Buckland Hills".1990[46]
Steeplegate MallConcordNew HampshireOpened August 1, 1990[47] [48] 1990
Bay City MallBay CityMichiganCo-developed with Robert B. Aitkens[49] 1991
Pembroke Lakes MallPembroke Pines (Miami metropolitan area)Florida1992
Moreno Valley MallMoreno ValleyCaliforniaBuilt on the former Riverside International Raceway site that hosted auto racing from 1957 to 1989.1992
Alpharetta (Atlanta metropolitan area)Georgia1993
The Woodlands MallThe Woodlands (Greater Houston)TexasDeveloped with The Woodlands Corporation1994[50] [51]
The Nanuet Mall in Rockland County New York opened in 1969- 101 stores anchored by Sears and Bambergers, (first enclosed mall in the county and about 25 miles from Manhattan).

Notes and References

  1. White, John R. & Gray, Kevin D. Shopping Centers and Other Retail Properties: Investment, Development, Financing, and Management p.61-62 (1996)
  2. Suchman, Diane R. Managing a Development Company (Urban Land Institute 1987)("Homart was established in 1959 for the purpose of developing regional shopping malls.")
  3. News: Sears advertisement . . August 10, 1945 . March 7, 2010. (1945 Sears advertisement includes "Homart" products)
  4. Sears sells Ft. Worth mall to investors . https://web.archive.org/web/20121103054511/http://www.highbeam.com/doc/1G1-4074265.html . dead . November 3, 2012 . . December 30, 1985 . March 7, 2010. ("Seminary South was the first shopping center developed by Homart Development")
  5. Buy buy baby, buy buy . . April 1981 . March 7, 2010.
  6. News: Sears plans record growth . . December 2, 1971 . March 7, 2010.
  7. News: Developers' move into the stores will shape the future of retailing . Jim Steinberg . . April 25, 1988 . March 7, 2010.
  8. News: Mall Backers Want Jobs, Tax Revenue . . March 6, 1994 . March 7, 2010.
  9. News: A Growing Orlando, Fla., to Get 3 More Large Malls . Ford Risley . . July 20, 1994 . March 7, 2010.
  10. News: Sears, Returning to Its Roots, Is Giving Up Allstate . Barnaby J. Feder . . November 11, 1994 . March 7, 2010. ("Sears also said today that it would sell its Homart Development Company, a real estate development firm. ")
  11. News: Retail Real Estate Braces For Sell-Off . Jim Zarroli . . April 19, 2009 . March 7, 2010. ("General Growth made a number of high-profile acquisitions of shopping malls in every part of the country. Some of General Growth's biggest included: the $1.85 billion acquisition of Homart Development Co. from Sears Roebuck in 1995, said to be one of the largest real estate transactions in history at the time")
  12. News: Sears Negotiating to Sell Its Shopping Mall Properties . . June 13, 1995 . March 7, 2010.
  13. News: Sears Completes Sale of Its Homart Unit . Reuters . . December 27, 1995 . March 7, 2010.
  14. News: Sears to Sell Properties to Morgan Stanley . . July 6, 1995 . March 7, 2010.
  15. News: People and Events . https://web.archive.org/web/20110604223446/http://pqasb.pqarchiver.com/chicagotribune/access/617881502.html?dids=617881502:617881502&FMT=ABS&FMTS=ABS:AI&type=historic&date=Jul+23,+1967&author=&pub=Chicago+Tribune&desc=People+and+Events&pqatl=google . dead . June 4, 2011 . . July 23, 1967 . March 22, 2010.
  16. News: Skoning named chairman of Homart Co. . https://web.archive.org/web/20110604223501/http://pqasb.pqarchiver.com/chicagotribune/access/612711752.html?dids=612711752:612711752&FMT=CITE&FMTS=CITE:AI&type=historic&date=Feb+02,+1974&author=&pub=Chicago+Tribune&desc=Skoning+named+chairman+of+Homart+Co.&pqatl=google . dead . June 4, 2011 . . February 2, 1974 . March 22, 2010.
  17. News: Sear's Chicago Building To Be World's Largest . . December 27, 1969 . March 22, 2010.
  18. Pridmore, Jay. Sears Tower: A Building Book from the Chicago Architecture Foundation p.17 (Pomegranate 2002)
  19. News: Warren G. Skoning, Sears official, dies . https://web.archive.org/web/20110604223549/http://pqasb.pqarchiver.com/chicagotribune/access/623061192.html?dids=623061192:623061192&FMT=CITE&FMTS=CITE:AI&type=historic&date=Feb+22,+1980&author=&pub=Chicago+Tribune&desc=Warren+G.+Skoning,+Sears+official,+dies&pqatl=google . dead . June 4, 2011 . . February 22, 1980 . March 22, 2010. ("Mr. Skoning was co-chairman of the building committee for Sears Tower and had much of the responsibility for the construction of the mammoth skyscraper...")
  20. News: Retail Real Estate Development Veteran, Edwin Homer, Passes . Sasha M. Pardy . CoStar's Retail News Roundup . December 17, 2007 . March 22, 2010.
  21. News: Edwin Homer, Artistic Developer, Dead at 91 . https://web.archive.org/web/20080105103030/http://www.icsc.org/srch/sct/sct0108/newsmakers_02.php . dead . 2008-01-05 . Anna Robaton . Shopping Centers Today (ICSC) . January 2008 . March 22, 2010 .
  22. Kowinski, William Severini. The Malling of America (2000 ed.) (Kowinski incorrectly identifies Homer as "Ernest," but notes his appearance at an ICSC conference in the early 1980s: "There was affable Ernest Homer, head of Homart, the developing arm of Sears — the largest retailer and biggest advertiser in the country — who handed out a business card that was also bigger than anyone else's.")
  23. News: Homart Selects M.J. Gregoire New President . https://archive.today/20130131183856/http://pqasb.pqarchiver.com/chicagotribune/access/25059050.html?dids=25059050:25059050&FMT=ABS&FMTS=ABS:FT&type=current&date=Oct+23,+1985&author=&pub=Chicago+Tribune+(pre-1997+Fulltext)&desc=HOMART+SELECTS+M.J.+GREGOIRE+NEW+PRESIDENT . dead . January 31, 2013 . . October 23, 1985 . March 11, 2010.
  24. News: Homart Elects President . https://archive.today/20130201045831/http://pqasb.pqarchiver.com/chicagotribune/access/24875077.html?dids=24875077:24875077&FMT=CITE&FMTS=CITE:FT&type=current&date=Feb+26,+1987&author=&pub=Chicago+Tribune+(pre-1997+Fulltext)&desc=HOMART+ELECTS+PRESIDENT&pqatl=google . dead . February 1, 2013 . . February 26, 1987 . March 11, 2010.
  25. News: Seminary South Redo Planned . Donna Steph Hansard . . April 5, 1986 . March 7, 2010.
  26. News: FW Mall's Renovation Completed . . August 28, 1987 . March 7, 2010.
  27. News: Sears Will Open 41 New Stores . . March 31, 1965 . March 7, 2010.
  28. News: Survival of the Fittest: Malls develop new battle plans to fight off declining market share in an increasingly competitive environment . . November 24, 1997 . March 7, 2010.
  29. News: Ethnic malls are buzzing . Husna Haq . . August 31, 2009 . March 7, 2010.
  30. News: Group proposes buying Mercado for $2.5 million . . December 21, 2005 . March 11, 2010 . Anna M. . Tinsley.
  31. News: Plan for Carousel Mall is latest in long effort to revive San Bernardino . Imran Ghori . . April 13, 2009 . March 7, 2010 . dead . https://web.archive.org/web/20100130090928/http://www.inlandsocal.com/business/content/economic_development/stories/PE_News_Local_S_downtown13.3b47a0b.html . January 30, 2010 .
  32. News: Sale Closing Nears for Rhode Island Mall . . December 4, 1997 . March 11, 2010.
  33. News: Woodfield is still reigning as king of the malls . https://web.archive.org/web/20110604232048/http://pqasb.pqarchiver.com/chicagotribune/access/637288752.html?FMT=ABS&FMTS=ABS:AI&type=historic&date=Sep+6,+1983&author=Linnet+Myers&pub=Chicago+Tribune+(1963-Current+file)&edition=&startpage=SD6&desc=Woodfield+is+still+reigning+as+king+of+the+malls . dead . June 4, 2011 . . September 6, 1983 . March 23, 2010 . Linnet . Myers.
  34. News: Woodfield Mall: Land Price Boom . https://archive.today/20130131225656/http://pqasb.pqarchiver.com/chicagotribune/access/597578262.html?dids=597578262:597578262&FMT=ABS&FMTS=ABS:AI&type=historic&date=Sep+13,+1971&author=&pub=Chicago+Tribune&desc=Woodfield+Mall:+Land+Price+Boom&pqatl=google . dead . January 31, 2013 . . September 13, 1971 . March 14, 2010 . Alvin . Nagelberg. ("Woodfield Mall, the world's largest shopping center, opened last week in Schaumburg, 25 miles northwest of Chicago")
  35. News: Westcor abandoning Metocenter mall . Jarman, Max . . March 3, 2010 . March 22, 2010.
  36. News: Sears sells Homart's office buildings to private partnership . https://archive.today/20130201083351/http://pqasb.pqarchiver.com/orlandosentinel/access/77874267.html?dids=77874267:77874267&FMT=ABS&FMTS=ABS:FT&type=current&date=Jul+09,+1995&author=&pub=Orlando+Sentinel&desc=SEARS+SELLS+HOMART'S+OFFICE+BUILDINGS+TO+PRIVATE+PARTNERSHIP&pqatl=google . dead . February 1, 2013 . . July 9, 1995 . March 23, 2010. ("In Central Florida, Homart developed Altamonte Mall and is building the West Oaks Mall")
  37. News: Mall developer has bigger plans . . October 26, 1972 . March 23, 2010.
  38. News: $23-Million Westminster Mall to Open . https://web.archive.org/web/20110604161736/http://pqasb.pqarchiver.com/latimes/access/669041422.html?dids=669041422:669041422&FMT=ABS&FMTS=ABS:AI&type=historic&date=Aug+04,+1974&author=&pub=Los+Angeles+Times&desc=$23-Million+Westminster+Mall+to+Open&pqatl=google . dead . June 4, 2011 . Terrence M. Green . . August 4, 1974 . March 8, 2010.
  39. News: Brea Mall Whoops It Up For Grand Opening! . . September 1977 . March 8, 2010.
  40. News: General Growth Properties Announces Shopping Mall Acquisition . . June 26, 1997 . March 6, 2010. ("Eden Prairie Center opened in 1976 and was substantially remodeled in 1989.")
  41. News: Two developers compete for contract to build mall at I-494 and Lafayette . . August 4, 1994 . March 6, 2010. ("Homart has developed Burnsville Center, the Eden Prairie Mall and the Maplewood Mall, as well as power centers throughout the nation")
  42. http://burnsvillehistory.org/cpg/albums/userpics/10003/Homart_Report_1977_sept.pdf
  43. Web site: Slidell mall owners hope to restore center's shine. 14 June 2017 .
  44. News: NEW MALL BRINGS DEVELOPER BACK HOMART TEAMED UP ON VARIOUS PROJECTS . https://web.archive.org/web/20110604232113/http://pqasb.pqarchiver.com/orlandosentinel/access/78009483.html?dids=78009483:78009483&FMT=ABS&FMTS=ABS:FT&type=current&date=May+08,+1995&author=Brad+Kuhn+of+The+Sentinel+Staff&pub=Orlando+Sentinel&desc=NEW+MALL+BRINGS+DEVELOPER+BACK+HOMART+TEAMED+UP+ON+VARIOUS+PROJECTS&pqatl=google . dead . June 4, 2011 . Brad Kuhn . . May 8, 1995 . March 23, 2010 . ("Homart teamed up with DeBartolo again for Lakeland Square Mall, which opened in 1988.")
  45. ^ Jump up to: a b "Vista Ridge Mall celebrates grand opening in Lewisville". Dallas Morning News. 1989-10-05. "Vista Ridge Mall, a joint venture by Homart Development Co., Herring Marathon Group Inc. and JCP Realty Inc., celebrated its grand opening Wednesday in Lewisville. Located on Stemmons freeway, Vista Ridge was completed under a two-phase development with national and local stores, restaurants, a 12-cinema complex and upon completion, six major department stores. The shopping center is currently anchored by Sears Roebuck and Co. and Dillards Department Stores."
  46. News: A Shopping Mall Opens East of Hartford . Eleanor Charles . . April 22, 1990 . March 8, 2010.
  47. News: Concord Heights To Get Mall Aug. 1 . . July 8, 1990 . March 8, 2011.
  48. News: In Concord, a New Mall and High Hopes . Carolina M. Mata . . August 5, 1990 . March 8, 2011.
  49. 1992. Stores: the bulletin of the N.R.D.G.A.. National Retail Dry Goods Association. 74. 7–12.
  50. News: Mall Developer Quietly Keeps Building . https://web.archive.org/web/20110604175504/http://pqasb.pqarchiver.com/chicagotribune/access/24117681.html?dids=24117681:24117681&FMT=ABS&FMTS=ABS:FT&type=current&date=Aug+08,+1994&author=John+Schmeltzer,+Tribune+Staff+Writer.&pub=Chicago+Tribune+(pre-1997+Fulltext)&desc=MALL+DEVELOPER+QUIETLY+KEEPS+BUILDING&pqatl=google . dead . June 4, 2011 . John Schmeltzer . . August 8, 1994 . March 11, 2010. ("This year alone, Homart will open the 1 million-square-foot Woodlands Mall in Woodland, Texas...")
  51. Kutchin, Joseph W. How Mitchell Energy & Development Corp. Got Its Start and How It Grew: An Oral History and Narrative Overview (2001) p.542-47

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