Fort Lauderdale’s Galleria has new owners. What’s next for the mall?
Fort Lauderdale shoppers would agree, the Galleria mall has seen better days. New owners say a brighter future is coming.
GFO Investments and InSite Group, in partnership with Atlas Hill Real Estate and Prime Finance, announced Friday that they have acquired The Galleria at Fort lauderdale for an undisclosed amount of money. The new owners said they plan to redevelop and “reimagine” the mall.
“Our vision is to restore the Galleria as the premier shopping and lifestyle destination for Broward County,” Russell Galbut, Founder of GFO Investments, said in a statement. “It will be a place where people can gather, shop and experience Fort Lauderdale’s diverse and creative energy.”
The owners’ announcement offered no details on what the future of the mall, which spans several city blocks on East Sunrise Boulevard, will look like. More information on the redevelopment plan will be made available in the next few months, according to the announcement.
One goal is clear: Update the outdated mall.
“The Galleria mall has long been a landmark in Fort Lauderdale, and now we have an opportunity to reimagine it for a new generation,” said Ben Shmul, founder of InSite Group. “We look forward to delivering a vibrant, accessible space that will serve the community for decades to come.”
The Galleria has struggled in recent years to keep up with consumers as new retail, luxury housing and other developments have popped up in Fort Lauderdale. In 2023, the Sun Sentinel reported, only 67% of the mall was occupied by businesses. The mall’s previous owners put the property on sale two years ago after several ideas to redevelop the space fizzled out.
Keystone-Florida Properties, an affiliate of a pension fund for Pennsylvania teachers, bought the property in 1993 for $126 million. The mall, which originally opened in the 1980s after being converted from an outdoor shopping center, was expected to sell for $100 million, the Sun Sentinel reported. Now, GFO and InSite will oversee the redevelopment while Atlas Hill Real Estate attracts retail, according to the announcement.
Several attempts to revamp the mall and restore it to its glory days as a hot shopping destination have failed over the years, mainly because nearby residents have disapproved.
“With its distinguished location and rich history, we have a rare chance to create a modern destination that celebrates its legacy while introducing new experiences for both residents and visitors,” said Sandeep Mathrani, founder and managing partner of Atlas Hill Real Estate.
This story was originally published September 20, 2025 at 5:00 AM.