Here’s the statement put out by Pacific Retail Capital Partners, owner of the Galleria shopping mall in White Plains, announcing that the mall will be closing in March:
“December 22, 2022
“FROM: Pacific Retail Capital Partners
“The Galleria White Plains is slated to cease business as of March 2023 to prepare for redevelopment. Tenants are receiving termination notices in accordance with their leases.
“We understand the difficulty posed by transitioning. Our goal is to provide an opportunity for their businesses to continue. As we close the center, we are committed to working with the tenants to assist them in making a smooth transition. We are happy to connect them with our leasing team regarding the potential to open in one of our other properties in the region.”
A formal application is expected to be filed soon with White Plains for redevelopment of the site. Retail Capital Partners (PRCP) and Aareal Bank, which is headquartered in Wiesbaden, Germany, are joining with White Plains-based developer Louis Cappelli”™s The Cappelli Organization and SL Green Realty Corp., which is billed as Manhattan”™s largest office landlord, to redevelop the mall, which has been a focal point in White Plains for more than four decades.
“They want to do residential buildings … but there would be not a mall,” White Plains Mayor Tom Roach has told the Business Journals. “The connectivity would be that whatever retail is there you could access from outside and you would be able to walk through the project, across it and lengthwise. We would require as part of any kind of deal that”™s done here that the parking spaces currently being used will be available in the new parking that was requited for a new project.”
“This is one of the most exciting mixed-use development sites in the New York Metro Area,“ Steve Plenge, CEO of PRCP has said. “We have worked over the past few years to acquire the Macy”™s fee interest at the site, along with the leasehold interest of the former Sears. Working with our new partners, we will reimagine the site as a vibrant mixed-use project that will be centered on residential development and amenity-based retail.”
