An affiliate of Willow Bridge Property Company has acquired a 2.4-acre Fort Lauderdale development site near The Galleria mall for $24.7 million. The property, previously owned by Procacci Development, is approved for a 259-unit mixed-use apartment project and could add significant housing and commercial space to a rapidly changing area.
Key takeaways
- Willow Bridge acquired the vacant site at 1040 Bayview Drive for $24.7 million.
- Procacci Development had secured approval for the 259-unit Residences at Bayview project.
- The planned eight-story development includes apartments, commercial space and a 566-space garage.
- Willow Bridge financed the purchase with a $14.5 million loan from Reinsurance Group of America.
The transaction was the top recorded commercial real estate deal in South Florida for the period ending July 31, according to property records and real estate database Vizzda. The sale represents a substantial increase over Procacci’s 2014 purchase price of $7.9 million.
Approved project includes 259 apartments
Procacci’s approved plan, known as Residences at Bayview, calls for an eight-story building with 8,100 square feet of commercial space and a 566-space parking garage. The apartment component would include seven studios, 68 one-bedroom units, 29 one-bedroom units with dens, 132 two-bedroom units and 23 three-bedroom units.
Twelve apartments are designated for workforce rents. MSA Architects designed the project, which is positioned near the Intracoastal Waterway and The Galleria mall.
Willow Bridge expands South Florida position
Willow Bridge, a Dallas-based multifamily company formerly known as Lincoln Property Company’s residential division, purchased the property through an affiliate. Its acquisition entity obtained $14.5 million in financing from Reinsurance Group of America, with the loan scheduled to mature in 2029.
The company manages more than 240,000 multifamily units and has developed more than 200,000 units nationwide, according to its website. The purchase gives Willow Bridge control of a fully entitled site in a Fort Lauderdale submarket where apartment demand and development activity remain strong.
Procacci’s long-planned redevelopment
Boca Raton-based Procacci Development acquired the property in 2014 and demolished a former 101,800-square-foot office building. The company first publicly presented redevelopment plans in 2022, proposing a larger two-building project with 180 apartments, restaurants, retail and office space.
The plan later evolved into the current 259-unit proposal. Selling the site allows Procacci to monetize a development asset after years of planning and entitlement work, while transferring construction responsibility to a larger multifamily operator.
Larger Galleria-area transformation draws opposition
The site is also part of a broader wave of redevelopment near The Galleria. South of the property, developer Russell Galbut and GFO Investments have proposed a major expansion involving a $100 million mall investment, nine towers with more than 3,000 apartments, a hotel, offices, restaurants and additional parking.
That larger proposal has faced opposition from some residents concerned about traffic, noise and displacement. The Willow Bridge project is considerably smaller, but its construction would nevertheless contribute to the area’s ongoing shift from older commercial properties toward higher-density mixed-use development.
Sources
- South Florida Top Real Estate Deals: July 31, 2026, The Real Deal.
- Procacci Sells Site Near Galleria Mall to Willow Bridge, The Real Deal.