Billion-Dollar Galleria Mall Development Plan Gets Revamped

The owner of the Galleria mall in Fort Lauderdale will present a revamped redevelopment plan to city officials on Tuesday.

Fort Lauderdale’s Development Review Committee is set to consider the changes in Keystone-Florida Property Holding Corp.’s proposal for seven mixed-use towers to rise around the mall at 2300 to 2620 E. Sunrise Blvd. Development costs are estimated at more than $1 billion.

The original proposal submitted in September 2014 called for 1,640 residential units, 165 hotel rooms, 74,500 square feet of commercial space, and 6,280 parking spaces. The buildings would be as tall as 38 stories.

In the revised plans submitted for Tuesday’s meeting, the developer has scaled back the residential units and added commercial space. The new Galleria project would have 1,250 residential units, 163 hotel rooms, 105,796 square feet of office space, 51,345 square feet of retail, 13,200 square feet of restaurants, and 4,000 square feet of financial institutions.

The shift towards more office and retail space comes as the occupancy rates for those property types is increasing and the rents are growing in Broward County.

The city staff has dozens of issues, such as traffic flow and building design, that it wants addressed by the applicant.

Attorney Stephen Tilbrook of GrayRobinson represents Keystone in the application.

The information contained herein was obtained from sources deemed to be reliable. However, Salzman Real Estate Advisors makes no guarantees, warranties, or representations as to the completeness or accuracy thereof.
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