Lamasar plans redevelopment of old Sears in Garden Oaks

Lamasar Capital is poised to transform a shuttered Sears store in Houston’s Garden Oaks neighborhood into a mixed-use development.

The Sugar Land-based firm has purchased the 11.7-acre site at 4000 North Shepherd Drive, with plans for a mix of retail and residential components, the Houston Business Journal reported.  Summit Capital and Delta LP helped finance the acquisition.

While terms of the deal were not disclosed, the property carries a valuation of $15.6 million, according to the Harris Central Appraisal District. The site, near the intersection of North Shepherd Drive and Garden Oaks Boulevard, also has an auto repair center. 

Lamasar’s exact plans for the project are unclear, but the firm “aims to create not just residences but also a spectrum of destinations and services,” Lamasar co-founder Ashiq Ali told the outlet.

Bellaire-based Fidelis will oversee construction, which is expected to be completed in the next three or four years. 

The redevelopment echoes a broader trend in Houston, with other Sears locations undergoing transformations into urban developments. The Memorial City Sears store was demolished in 2020, making way for Memorial Town Square, a 27-acre project that will feature a mix of retail, office space and apartments. 

The Sears closure in Midtown in 2018 led to the creation of the Ion, the crown jewel of Houston’s innovation district.

—Quinn Donoghue

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