The Galleria Mall, which as soon as graced Fort Lauderdale as the town’s prime retail attraction, has been bought to a small consortium of funding and actual property corporations that guarantees to revitalize the pedestrian property right into a “community-focused retail and life-style vacation spot.”
A information launch distributed late Friday described the ambitions of the buying corporations: GFO Investments, InSite Group, Prime Finance and Atlas Hill Actual Property.
They mentioned they “plan to reimagine the property as a vibrant hub of retail, tradition, and group.”
CBRE, the nationwide actual property agency. began the duty of discovering a purchaser in late 2023, when the mall was put up on the market.
“Guided by a dedication to native engagement and financial development, the companions intention to create a vacation spot that serves the group whereas attracting guests from throughout South Florida,” the patrons’ assertion added.
“The Galleria Mall has lengthy been a landmark in Fort Lauderdale, and now we’ve a chance to reimagine it for a brand new era,” Ben Shmul, founding father of InSite Group, mentioned within the information launch. “We stay up for delivering a vibrant, accessible house that can serve the group for many years to come back.”
“Our imaginative and prescient is to revive the Galleria because the premier purchasing and life-style vacation spot for Broward County,” Russell Galbut, founding father of GFO Investments, mentioned within the information launch. “Will probably be a spot the place individuals can collect, store, and expertise Fort Lauderdale’s various and inventive vitality.”
The multi-block mall opened within the early Eighties on East Dawn Boulevard simply west of the Intracoastal Waterway and east of the Center River.
A number of makes an attempt to rejuvenate the large property failed amid neighborhood objections and different elements. The mall’s present retail roster is highlighted by an Apple retailer, Macy’s and Dillard’s. Eating places embody Blue Martini, The Capital Grille, P.F. Chang’s and Seasons 52, in keeping with the mall web site.
“The Galleria Mall is an integral a part of Fort Lauderdale’s retail scene,” mentioned Sandeep Mathrani, founder and managing companion of Atlas Hill Actual Property. “With its distinguished location and wealthy historical past, we’ve a uncommon probability to create a contemporary vacation spot that celebrates its legacy whereas introducing new experiences for each residents and guests.”
The acquisition group mentioned “detailed plans” can be unveiled within the “coming months.”
No gross sales value was disclosed. No group representatives have been out there for interviews.
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