Galleria Fort Lauderdale Mall Enters Market with Expectations of Selling Above $100 Million, Predicts Brokers
Property is permitted for 1,899 residential units and buildings with a maximum height of 150 feet
Galleria Fort Lauderdale, positioned as a prime redevelopment opportunity, is now on the market with a targeted sale price exceeding $100 million. The 800,000-square-foot indoor shopping center, located at 2442 East Sunrise Boulevard, is being marketed by a CBRE team led by Robert Given and Brad Capas. While no specific asking price has been set, Capas anticipates the property to command a sale price surpassing $100 million. The owner, Keystone-Florida Holding Corporation, led by President William O’Connor, is advised by O’Connor Capital Partners, a New York-based real estate investment firm. The listing excludes the separately owned Dillard’s department store building and a Macy’s store under a ground lease. Presently, Galleria is 67 percent occupied, as per CBRE’s marketing brochure. Keystone-Florida’s previous attempts at redevelopment, including a proposal for at least 1,900 apartments, were unsuccessful, with the city of Fort Lauderdale not approving the development agreement last year.
The property is zoned for 1,899 residential units, with a density of 60 units per acre and buildings capped at a maximum height of 150 feet, as detailed in a CBRE brochure. However, under Florida’s Live Local Act, a new owner has the opportunity to pursue a larger project, provided 40 percent of new units are designated as workforce housing.
Established in 1980, Galleria comprises multiple retail buildings, mainly vacant big box stores previously occupied by Saks Fifth Avenue, Lord & Taylor, and Neiman Marcus.
Keystone-Florida, the owner, had initially proposed the demolition of a significant portion of the shopping center. The plan involved replacing it with structures not exceeding 150 feet in height, gradually tapering down in areas adjacent to nearby residential neighborhoods.
In 2017, facing opposition from residents, the Fort Lauderdale City Commission postponed a proposed vote that would have enabled Keystone-Florida to proceed with a redevelopment plan, envisioning 1,250 condo units in three buildings exceeding 20 stories and four shorter structures. Eventually, Keystone-Florida withdrew its proposal.
South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
