The long-struggling Galleria Mall at Fort Lauderdale is set for a dramatic reinvention under new ownership — and one of the nation’s most seasoned retail turnaround specialists is at the helm.
A joint venture of GFO Investments, InSite Group, Atlas Hill Real Estate, and Prime Finance has acquired the 800,000-square-foot property at 2414 E. Sunrise Blvd., with plans to reposition it into a mixed-use shopping, dining, and lifestyle destination. The transaction price was not disclosed, though The Real Deal reported the sale exceeded $90 million.
A Leader with Mall Credentials
Heading the retail repositioning is Sandeep Mathrani, CEO of Atlas Hill and one of the most influential mall executives in the country. Mathrani previously led General Growth Properties (GGP) and later Brookfield Properties’ retail group, where he oversaw the revitalization of dozens of super-regional malls across the U.S.
In 2020, he was tapped to take over WeWork after co-founder Adam Neumann’s tumultuous exit. Though WeWork eventually filed for bankruptcy in 2023, Mathrani is credited with stabilizing the coworking giant, renegotiating leases, and managing its pivot during the pandemic. Today, he remains managing director at Sycamore Executive Advisors while building Atlas Hill into a vehicle for mall acquisitions.
Most recently, Atlas Hill partnered with Centennial to acquire and reposition Annapolis Mall in Maryland. Plans there include bringing in new experiential anchors such as Dick’s House of Sport and Dave & Buster’s, alongside existing tenants like Apple, H&M, Zara, and AMC Theatres. That strategy — blending fashion with entertainment, dining, and community spaces — offers a preview of how Mathrani might approach The Galleria.
What’s Next for the Galleria
The Galleria, once home to Saks Fifth Avenue, Lord & Taylor, and Neiman Marcus, has struggled for years with declining occupancy and stalled redevelopment proposals. As of 2023, it was only 67% leased, according to CBRE. Today, it remains anchored by Macy’s and a separately owned Dillard’s, alongside Apple, H&M, Free People, Banana Republic, Seasons 52, The Capital Grille, and P.F. Chang’s.
Developers Russell Galbut’s GFO Investments and InSite Group, led by Ben Shmul, will oversee the broader redevelopment plan. While details remain under wraps, zoning on the 31.6-acre site allows for nearly 1,900 residential units and hotel development, suggesting the site could evolve into a true mixed-use district.
“The Galleria Mall is an integral part of Fort Lauderdale’s retail scene,” Mathrani said in a statement. “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.”
Galbut added that the vision is to restore The Galleria as “the premier shopping and lifestyle destination for Broward County … a place where people can gather, shop, and experience Fort Lauderdale’s diverse and creative energy.”
Why This Matters
The redevelopment will mark one of the most ambitious repositionings of a major retail property in Broward County. Previous attempts to add high-rise condos and thousands of residential units were shot down by neighborhood opposition. The new ownership group’s success will hinge on community engagement, tenant recruitment, and delivering a balance of retail, residential, and entertainment that fits Fort Lauderdale’s evolving identity.
And About Adam Neumann…
Despite some early headlines linking this deal to WeWork, it’s important to note: Adam Neumann is not involved. His only connection is historical — Mathrani succeeded him as WeWork’s CEO in 2020. Neumann himself has been focused on building a residential real estate company, Flow, unrelated to this project.
The Galleria’s future, therefore, rests not on Neumann’s legacy but on Mathrani’s proven ability to breathe new life into struggling retail centers — and on the combined resources of Galbut, Shmul, and their partners.
For Fort Lauderdale, it’s a high-stakes bet that one of the city’s most visible properties can be reimagined as a vibrant hub for shopping, living, and leisure in the years to come.
