A $1 billion neighborhood of homes, senior-living apartments and hotel rooms - including a 45-story tower that could become Fort Lauderdale's tallest building – has been proposed for the area surrounding the Galleria at Fort Lauderdale mall. The mall's owner, Keystone-Florida Property Holding Corp., announced plans recently to build seven new buildings surrounding the existing property and featuring 1,600 apartments/condos and 150 hotel rooms, connected by tree-lined streets, walkways and bike lanes in what the company calls a “walkable” community off of East Sunrise Boulevard. The plans submitted to the city's Department of Sustainable Development proposed the expansion on the 40 acres adjacent to the mall. The 45-story tower would stand on the eastern edge, containing luxury apartments/condos. At this height, it would be Fort Lauderdale's tallest building, rising three stories higher than the Las Olas River House. If the plan is approved by the city, construction would start in late 2015 and be completed in phases over seven years, according to mall executives.

The Galleria, first opened in the 1950s as an open-air venue called Sunrise Shopping Center, was enclosed in 1980 and is now home to approximately 100 retailers, anchored by Macy's, Dillard's and Neiman Marcus. It also features popular restaurants P.F. Chang's, The Capital Grille and Truluck's. But the mall lost two major national tenants in recent years when Lord & Taylor moved out in 2002 and Saks Fifth Avenue followed suit in 2008. It has since struggled to fill the large spaces they left behind. This proposed development will better position the Galleria in the retail industry, as retailers look for dense regions when choosing where to operate new locations.

Some residents of the area have expressed concerns about parking and additional traffic to an area that already sees heavy usage. Neighbors attended a meeting last week where project staff presented the plans to the community and responded to questions and concerns raised by residents. Many were concerned about the density of the project, the impact on the surrounding neighborhood, and the drastic changes that could accompany the development. Some parents also were concerned that additional residences may contribute to possible overcrowding at nearby schools. Mall representatives said they are conducting traffic studies and will continue to have community meetings to hear from neighbors and address their concerns.

Fort Lauderdale Mayor Jack Seiler has said he has not yet seen the plans, but has spoken with the Developers and feels that the project would seem to benefit the community through new jobs and housing, as long as the Developers are able to address parking and traffic concerns. "Everything is about balance," he told the Sun Sentinel. "You can bring good projects in here and good development, but at the end of the day, you've got to maintain balance with quality of life. There's no reason to believe they're not going to make the necessary compromises to really present a first-class project in the city that also preserves our quality of life."

We’re looking forward to learning more about the project as it progresses through the planning stages and to see how it can improve the Galleria Mall and its surrounding areas, including its impact on the overall Fort Lauderdale Real Estate Market. We’ll keep our clients and readers updated as we hear more! Follow the Gayle Borden Real Estate Group blog to keep up with any news as we receive it. And for any information on any Fort Lauderdale Real Estate, contact us anytime by e-mail at gayle@gayleborden.com or by phone at 954-525-3355.