A 14-acre parcel in Redmond's Overlake neighborhood, the former Sears at Overlake Plaza, has quietly turned into one of the Eastside's biggest real estate plays. The site is now listed for sale, offering developers a district-scale redevelopment opportunity just a short walk from Microsoft. Seritage Growth Properties and its marketing agent are seeking investor proposals, with a submission deadline of March 27, 2026. The listing pitches the land as a transit-oriented, mixed-use neighborhood rather than a single big-box redevelopment.
Who’s marketing the site
Heartland LLC, a Seattle-based real estate advisory firm, is handling the offering on behalf of Seritage Growth Properties and is leaning hard on the site's walkable location near the Overlake Village light-rail station and Microsoft’s campus. Brokers behind the listing say the combination of location and pre-existing planning work makes the assemblage especially attractive to developers chasing transit-adjacent opportunities. That marketing push was first reported by Connect CRE.
What the master plan already authorizes
The property sits inside an approved master plan that anticipates roughly 14 acres of coordinated development, including hundreds of housing units, a full-service hotel, office space, and street-level retail. City planning materials list the plan’s core components as about 500 multifamily units, a roughly 210-room hotel, substantial office square footage, and public open space that could be delivered across multiple parcels. Those entitlements and associated design work are central to the pitch that the site is effectively development-ready, according to the City of Redmond.
The offering and timeline
Marketing documents describe a district-scale assemblage that includes about 6.9 net developable acres within the broader 14-acre plan and note that more than $21 million in infrastructure has already been installed on site. The packet asks for investor proposals by March 27, 2026, and states that Seritage and Heartland are not providing pricing guidance as they review offers. The listing details and deadlines were reported in initial coverage by The News Tribune.
What the development agreement covers
The site is governed by a binding development agreement that vests the approved master plan for a fixed term and lays out phasing, public-benefit commitments, and infrastructure responsibilities that a buyer would inherit. Under the agreement the development framework is vested for a 20-year term measured from city-council approval, a feature that helps reduce regulatory uncertainty for phased projects and patient-capital investors. The agreement and its vesting provisions are detailed in the city’s development-agreement documents (PDF) from the City of Redmond.
Why developers are circling
Large, contiguous parcels near transit and major employers are still rare on the Eastside, and single-use big-box sites have become prime targets for mixed-use conversions as demand for workforce and middle-income housing refuses to ease. Local analysts and housing advocates note that the region continues to face tight supply for many workforce brackets even as new projects deliver units, which makes properly entitled, transit-adjacent land particularly valuable. That dynamic helps explain renewed interest in the former Sears footprint. As noted by The Urbanist, ongoing supply and affordability pressures are shaping redevelopment choices across King County.
Quick facts and next steps
The site’s address is 2200 148th Ave NE in Redmond’s Overlake neighborhood. The Sears store there originally opened in 1971, closed in 2018, and demolition work began in 2022 during initial site preparation. Heartland is soliciting proposals through March 27, 2026, and Seritage has said the remaining assets in its portfolio are being marketed with sales anticipated in 2026 and beyond. For leasing and marketing contact details, interested parties are directed to Seritage’s property page and the listing materials; historic coverage of the demolition and project timeline is available in local trade reporting and archival resources, including DJC, the Sears locations listing, and Seritage.
