Homart Development Company


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.

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. Homart Development Company was founded in 1959 for the purpose of building regional shopping malls for Sears. The "Homart" brand name had been used by Sears for many years before the development company was founded.
Seminary South Shopping Center in Fort Worth was their first project.
By 1971, Homart was operating nine regional shopping locations, and had numerous others in development. It became the nation's second largest mall developer, and by 1992 it was reported that Homart had developed 80 malls with over of retail space. By 1994, it was also operating 36 of those developed malls.
In November 1994, Sears announced that it planned to sell off Homart as part of a restructuring. 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. Homart also owned a number of office buildings which were also sold in 1995.

Management

Sears executive Emory Williams was the first president of Homart. Warren G. Skoning was appointed president in 1967, and elected as chairman in 1974. Also serving as vice-president of real estate development for Sears, Skoning was involved in the development of the Sears Tower. W.E. Lewis was named president in 1974 when Skoning became chair.
Edwin Homer, former president of Chrysler Realty, joined as president in 1980, later became chair and CEO, and served until his retirement in 1984. 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.
In 1985, Michael J. Gregoire was named president and COO, and he also became chairman in 1987.

Notable projects

Notable shopping centers developed by Homart include:
Mall nameTownStateNotesYear 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, and then as "La Gran Plaza de Fort Worth" in 2004.1962
Hancock Shopping CenterAustinTexas1964
Coronado CenterAlbuquerqueNew Mexico1965
Natick CollectionNatick MassachusettsRebuilt in 19941966
Colonie CenterAlbanyNew YorkFirst enclosed shopping mall in New York State's Capital Region.1966
Inland CenterSan Bernardino California1966
Midland MallWarwickRhode IslandRenamed the Rhode Island Mall in March 1985. Closed in 2012.1967
Woodfield MallSchaumburg IllinoisJoint venture with A. Alfred Taubman, was world's largest enclosed mall at time of opening.1971
Town East MallMesquite Texas1971
Valley View CenterDallasTexas1973
MetrocenterPhoenixArizonaJoint venture with Westcor1973
Altamonte MallAltamonte SpringsFloridaJointly developed with Edward J. DeBartolo Corporation1974
Maplewood MallMaplewood Minnesota1974
Independence CenterIndependence Missouri1974
Westminster MallWestminster California1974
Brea MallBrea California1975
Northbrook CourtNorthbrook Illinois1976
Orland Square MallOrland Park Illinois1976
Eden Prairie CenterEden Prairie Minnesota1976
Florence MallFlorence Kentucky1976
Woodland Hills MallTulsaOklahomaExpansion completed by Homart in 19821976
Lakeside MallSterling HeightsMichiganJoint venture with Alfred Taubman1976
Burnsville CenterBurnsville Minnesota1977
Louis Joliet MallJolietIllinoisRenamed in mid 2000s as Westfield Louis Joliet1977
Twelve Oaks MallNoviMichiganJoint venture with A. Alfred Taubman and Dayton-Hudson Corporation1977
Westfield BrowardPlantation FloridaAcquired by Westfield Group in 2007 and renamed Westfield Broward1978
Baybrook MallFriendswood Texas1978
MetrocenterJacksonMississippiJoint venture with Jim Wilson & Associates1978
Acadiana MallLafayetteLouisianaJoint venture with Robert B Aikens & Associates1979
Fiesta MallMesa ArizonaClosed on January 27, 20181979
Spring Hill MallWest Dundee Illinois1980
Town Center MallBoca Raton FloridaAlso known as Town Center at Boca Raton1980
Willowbrook MallHoustonTexas1981
Greenbrier MallChesapeakeVirginia1981
Deerbrook MallHumble Texas1984
North Shore SquareSlidellLouisiana1985
Tysons GalleriaTysons Corner VirginiaJointly developed with Lerner Enterprises1988
Lakeland Square MallLakelandFloridaJointly developed with Edward J. DeBartolo Corporation1988
The Parks at ArlingtonArlington Texas1988
Vista Ridge MallLewisville TexasJointly developed with Herring Marathon Group and JCP Realty1989
Arden Fair MallSacramentoCaliforniaRebuilding of Arden Fair Mall1989
The Shoppes at Buckland HillsManchester ConnecticutOpened in March 1990 as "The Pavilions at Buckland Hills".1990
Steeplegate MallConcordNew HampshireOpened August 1, 19901990
Bay City MallBay CityMichiganCo-developed with Robert B. Aitkens1991
Pembroke Lakes MallPembroke Pines Florida1992
Moreno Valley MallMoreno ValleyCaliforniaBuilt on the former Riverside International Raceway site that hosted auto racing from 1957 to 1989.1992
North Point MallAlpharetta Georgia1993
The Woodlands MallThe Woodlands TexasDeveloped with The Woodlands Corporation1994