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Newly Formed JV Will Reshape White Plains’ Galleria Mall
Pacific Retail Capital Partners (PRCP) and Aareal Bank, owner of The Galleria at White Plains, have formed a new joint venture with SL Green Realty Corp. and the Cappelli Organization, both prominent players in Westchester County. The JV will create a strategic vision for transforming the 870,000-square-foot downtown shopping center.
“This is one of the most exciting mixed-use development sites in the New York Metro Area,“ said Steve Plenge, CEO of PRCP. “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.”
The Cappelli Organization’s Louis Cappelli added, “The reimagining of this property is integral to the dramatic transformation of downtown White Plains that is well underway.”
Pictured: Steve Plenge.
- ◦Development
