WHITE PLAINS, N.Y. — Pacific Retail Capital Partners (PRCP) and Aareal Bank have formed a new joint venture with SL Green Realty Corp. and the Cappelli Organization to consider redevelopment options for The Galleria at White Plains, a 10-acre indoor shopping mall in the New York City suburb of White Plains. The envisioned renovations to The Galleria are part of a larger renaissance for the area. The mall is part of a qualified Opportunity Zone, meaning that new investments in the area may be eligible for preferential tax treatment under certain conditions. Built in 1980 by Canadian developer Cadillac Fairview, the mall currently rises four stories and features approximately 865,000 square feet of retail space. The property, including its parking garages, spans two blocks adjacent to the White Plains train station, providing easy access to New York City. The Galleria is located at the intersection of Main Street and Dr. Martin Luther King Boulevard, and sits in proximity to multiple high-rise residential towers and office buildings, as well as Pace University’s Westchester campus and the White Plains City and Westchester County courthouses. According to the Galleria’s website, the mall currently includes retailers such as Forever 21, American Eagle and H&M, …
