Scaled Back Galleria Mall Re-design Project Still Large at $750 Million

Keystone-Florida Property Holding Corp. has further scaled back its redevelopment plans for the Galleria mall in Fort Lauderdale, but it would still be a large project valued at more than $750 million.

On Oct. 19, the city’s Planning and Zoning Board will consider the application for Live Galleria, a rezoning of the 35-acre site at 2414 E. Sunrise Blvd. The new buildings would be built on the surface parking lots around the existing mall.

The developer has proposed 1,250 residential units, 47,251 square feet of new retail space, 18,700 square feet of new restaurants, 12,362 square feet of community event facilities and eight acres of open community space. The developer would build parking garages to replace the surface lots, leading to 1,360 new spaces.

By comparison, the original Galleria redevelopment plan had 1,640 residential units, a hotel, significantly more retail space, and office space. The revamped proposal has no hotel or offices.

The tallest building in the new proposal would be 285 feet. It would have seven new buildings, with all of them containing some residential, including three towers, built in three phases.

The designers of the Live Galleria are Adache Group Architects, TBG Partners, and Perkins + Will. The developers are represented by attorney Stephen Tillbrook of GrayRobinson and Courtney Crush of Crush Law.

“We have listened carefully to the community’s input and have revised the original redevelopment plan for Live Galleria several times accordingly,” said Peter Flotz, managing member of FLL Development Enterprise, one of the developers. “In its current form, the proposed plan will deliver an innovative, walkable, environmentally-friendly and interactive community which will transform the existing Galleria mall and be an asset to Fort Lauderdale.”

Many traditional malls around the country have been exploring ways to maximize their real estate as retailers deal with competition from online retailers and more entertainment-oriented destinations.

Live Galleria could generate more retail traffic by building residential on the property. It also aims to invite the public in with more pedestrian space, such as a linear park looping around the property, outdoor fitness equipment, a yoga area, a dog park, two welcome plazas, and a rooftop garden.

Keystone would also fund $24.1 million in multi-modal improvements to deal with traffic, such as redesigned streets, improved signal timing, turn lane enhancements, better pedestrian paths, new bicycle parking stations, and new bus shelters.

Once the three-phase project is completed in 2015, it would generate 476 a.m.trips and 697 p.m. trips, according to the developer’s traffic study.

Source: South Florida Business Journal