The development of its almost five-hectare site would include residential high-rises with the potential for some retail sites, while Sears says it will continue to operate its store at the North Hill Shopping Centre.
The agreement would see the sale of a 50 per cent interest in the site to Concord for a value of about $15 million, and Concord would manage most of the development.
The project is subject to approval from the City of Calgary.
Concord has a similar agreement with Sears for the retailer's land adjacent to its store at Metropolis at Metrotown in Burnaby, B.C.
Over the last few years, Sears Canada (TSX:SCC) has faced stiff competition from long-time rivals such as Hudson's Bay Co., and American giants like Walmart and Target and has been restructuring.