Roadside Development, a Washington, D.C.-based developer, has purchased the Galleria of Mt. Lebanon [1], 1500 Washington Road, for $15.2 million, according to the realty transfer tax statement of value. Although the developer did not release specific plans, Mt. Lebanon’s elected officials and staff see the acquisition as a positive one for Mt. Lebanon’s economic future.
Jeff Edelstein, Roadside’s president, issued a statement saying the company is currently evaluating the mall’s longterm potential. “We’ve built our platform around developing and repositioning retail properties,” he said.
“In the near term, there will be no changes to the Galleria’s operations or its tenant mix,” the release says. Current tenants include Anthropologie, Pottery Barn, Ann Taylor, Talbots, Williams-Sonoma, Footloose, Orvis, Evereve, AMC Theaters, Club Pilates, Learning Express, The Yard Gastropub, Houilhan’s, Mitchell’s Fish Market, Panera Bread and Starbucks, among others.
The release did not reference this week’s published media reports that a Wegmans store could be part of the mix. Wegmans Food Markets spokesperson Marcie Rivera said: “…while we continue to evaluate properties in the Pittsburgh market that will complement our future Cranberry Township store, we do not have any new locations to announce at this time.”
“Mt. Lebanon is one of the Pittsburgh region’s established and most affluent suburbs, known for its walkable business districts, strong household incomes and highly engaged residential community,” the release said.
“Roadside Development’s acquisition of the Galleria property is further confirmation that our community is highly desirable for significant investment,” said Mt. Lebanon Commercial Districts Manager Eric Milliron. “This purchase will allow the Galleria to become its best self. Malls have been facing significant challenges in the age of online capitalism, and Roadside brings a deep and capable bench of talent to actualize the property’s full potential. This is a massive win for Mt. Lebanon.”
Mt. Lebanon Commission President Jeff Siegler is pleased at the news. “The development is a tremendous vote of confidence for our community. It proves we continue to move in the right direction and attract the types of businesses our residents desire. Mt. Lebanon’s focus from a municipal perspective has always been providing a high quality of life, and projects like this tell us our efforts are working.”
It’s too early to tell what sorts of approvals the developer could need moving forward, but Municipal Manager Keith McGill said the municipality stands ready to help Roadside through that process. “Mt. Lebanon is excited to welcome Roadside Development to our community. We are looking forward to working with the developer as they navigate the transformation of the Galleria into yet another distinct and exciting destination experience in our community.”
The Galleria opened as a Kaufmann’s department store in 1965. It later underwent a $35 million conversion into a 165,000 square foot indoor mall in 1989. Over time, the space has evolved beyond retail into a community gathering place, featuring a movie theater, regular events such as Mommy & Me Play Time, and informal meetups where visitors gather to play games like Mahjong. The Galleria also hosts local artists and vendors through events including the “I Made It! Market.”
Read the full press release. [2]
Mt. Lebanon Magazine will update this story as more information becomes available.
Updated April 25 to add comment from Wegmans.
Updated April 27 to add statement of value figures.