Seritage's first-quarter report said the company has opened Nordstrom Rack, Fresh Market, DSW and REI stores in Virginia Beach, Virginia, so far in 2016 as well as a Hobby Lobby in Tulsa, Oklahoma. It also was working on recapture projects with Dave & Buster's in Wayne, New Jersey, and Fairfax, Virginia.

Plans submitted to Madison's Urban Design Commission show Sears retaining the half of the store closest to the mall, about 53,000 square feet, with Dave & Buster's being located in the southwest corner of the one-story structure.

It also shows locations for new buildings in the southeast corner of the mall parking area, near South Gammon Road and the Beltline.

A company spokesperson declined comment on other elements of the project.

"We are currently evaluating different ways to best maximize the value of the property," the spokesperson said. "While we are unable to share specifics at this time, we are very excited about the property's potential and look forward to sharing our plans in the future."

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