Galbut's GFO Investments Wins Fort Lauderdale Approval for 3,144-Unit Galleria Live Local Project

Fort Lauderdale commissioners unanimously approved Russell Galbut's eight-tower, 3,144-unit Live Local Act redevelopment of the Galleria mall on Thursday, roughly 18 months after the application was filed. Galbut is developing the project through family office GFO Investments with InSite Group, Atlas Hill Real Estate and Prime Finance. Galleria East comprises five towers with 1,981 units—1,181 market-rate and 800 workforce housing—plus 170 hotel rooms and about 19,000 square feet of office, restaurant and commercial space. Galleria West adds three towers with 1,163 units, split between 690 market-rate and 473 workforce units. Plans call for a $100 million investment. The joint venture paid $73 million, or $91 per square foot, for the 800,000-square-foot mall last year; occupancy has stayed below 70 percent. More than 1,000 residents signed a petition opposing the plan over traffic, infrastructure and displacement concerns. The approval follows Galbut's withdrawal last week of three Miami Beach Live Local applications totaling nearly 400 units.