A $70 million Richmond Heights mixed-use development is planned by Los Angeles-based real estate developer DealPoint Merrill, which just acquired the closed Sears store at Richmond Town Square mall.

DealPoint said in a news release that it plans to use the 23 acres currently occupied by the department store and associated parking for a 375-unit luxury apartment, a 98-room hotel and a restaurant. The new apartments will have ground-floor retail in addition to a combination of tenant amenities, a plaza and a public park.

Through an affiliate, Richmond Heights Town Square Owner LLC, the real estate developer on Oct. 3 bought the Sears store, 622 Richmond Road, and associated land used for parking for $1.8 million, according to online records of the Cuyahoga County fiscal office. The county assigned the property a $2.38 million market value for tax purposes. The county assigned $1.2 million of the value to the building, which the new owner plans to demolish.

DealPoint Merrill also is undertaking the conversion of the former Macy's property, also at the mall, to a self-storage center and associated retail. As is typical for enclosed malls, the core of the mall is owned separately from the attached department stores. When malls were built, the department stores typically owned land under the stores they attached to the enclosed mall.