31 Acre Fort Lauderdale Mall Expected To Sell For Over $100 Million
The company has been striving for several years to obtain redevelopment approval from the city for this mall located at 2442 E. Sunrise Blvd.
Initially opened in 1980, the Galleria Mall used to be the premier upscale shopping destination in the city. However, it has experienced the departure of significant tenants like Lord & Taylor, Saks Fifth Avenue, and Neiman Marcus.
The property, covering 31.6 acres and comprising a 799,851-square-foot mall, is currently marketed for sale by CBRE. The mall currently maintains a 67% occupancy rate.
It’s important to note that the Dillard’s department store building is not part of the offering, as it is separately owned. Additionally, the Macy’s store is situated on a ground lease.
CBRE reports that the average sale price per square foot of shops within the Galleria stands at $922.
Keystone has been pursuing the redevelopment of the Galleria for an extended period, but the City Commission has yet to approve a plan. In 2016, they proposed a project involving 1,250 residential units in the parking lot surrounding the mall, alongside new retail and dining establishments. In 2022, they sought approval for a development agreement involving at least 1,900 residential units, which would replace a significant portion of the retail space. However, these plans did not receive approval.
As per CBRE’s marketing materials for the Galleria site, the permitted residential density on the property is 1,899 units, with a maximum height of 150 feet. It’s worth noting that additional units could potentially be developed through the state’s Live Local Act, a recent legislation aimed at encouraging the development of affordable housing. This act permits the redevelopment of commercial and hospitality sites into residential properties, with the maximum density and height determined by the city, provided that at least 40% of the units are designated as workforce housing.