A four-decade-old mall in Westchester County is being eyed by developers for a residential and retail project.
Pacific Retail Capital Partners and Aareal Bank, the owners of the Galleria White Plains, have teamed up with SL Green Realty and the Cappelli Organization to turn the 10-acre site into a mixed-use development “centered on residential development and amenity-based retail,” PRCP CEO Steve Plenge said.
The developers expect to close a portion of the aging, 85-store shopping center early next year to begin the redevelopment. The project is awaiting approval from White Plains, the Westchester & Fairfield County Business Journals reported.
It remains unknown how many apartments and square feet of retail are anticipated. A spokesperson for El Segundo-based PRCP had yet to respond to a request for comment.
Developers across the country are reinventing dated malls, often by adding residential components.
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The Galleria opened in 1980 at 100 Main Street in White Plains. PRCP bought the four-floor, 870,000-square-foot mall in 2016 and its Macy’s attachment in 2019, the Journal News reported. Its retail tenants include American Eagle, Foot Locker, Forever 21 and H&M.
PRCP and Cappelli are among a group of developers participating in what they call a “renaissance” in downtown White Plains over the past two decades.
The California real estate investment firm is also redeveloping the former White Plains Mall at 200 Hamilton Avenue into a $600 million mixed-use project called Hamilton Green that will have four residential towers when finished. RXR reached a deal last year to build part of that project.
“We are in the business of transforming shopping malls,” PRCP’s Plenge told the Chicago Sun-Times about Hamilton Green in September. “We believe we can add a vibrant mix of uses to create further densification to a site where people will want to live, shop, dine and be entertained.”
Westchester County-based Cappelli has developed the City Center residential and retail complex at 5 Mamaroneck Avenue and the 46-story Ritz Carlton Towers at 3 Renaissance Square, both in White Plains.