For years everyone has been asking: what’s going to happen with the Galleria Mall? It’s one of the largest retail properties in the city, and now we finally have an answer. (Recent article from South Florida Business Journal)

The mall has been sold to a partnership that includes GFO Investments (led by Russell Galbut), Fort Lauderdale–based InSite Group, Atlas Hill Real Estate, and Prime Finance. At the time of listing it was only 67% occupied after losing anchors like Lord & Taylor, Saks, and Neiman Marcus.

The new owners say their goal is to restore the mall as a premier shopping and dining destination while also adding a residential component. Current tenants like Macy’s, Apple, H&M, PF Chang’s, and Capital Grille are still there, and the vision is to “reimagine the Galleria for a new generation” (in Galbut’s words, to make it “magical”).

I’ve met Russell Galbut a few times and can say he’s a genuinely good person who’s done amazing projects in Miami Beach. My wife and I are glad they plan to keep and improve the retail/dining portion—we actually enjoy shopping there. I’m curious to see how they integrate the residential piece into the nearly 32-acre site just two blocks from the ocean.