History
The idea of an indoor shopping center with a hotel was envisioned in the 1940s by oilman Glenn H. McCarthy where a second phase was to include the Shamrock Hotel; this concept was scrapped right after the Hilton Hotel franchise took over the Shamrock in 1955. Glenn H. McCarthy's abandoned concept would influence Gerald Hines in the late 1960s.
The Galleria was developed by Gerald D. Hines, opening on November 16, 1970. The new shopping center, anchored by Neiman Marcus, was modeled after the Galleria Vittorio Emanuele II in Milan, borrowing, as its most distinctive architectural feature, a glazed barrel vault spanning the central axis of the mall. When it opened the mall had 600,000 ft² (56,000 m²) of retail space. The original skylights — which graced among other things a large, floor-level, ice rink - had three hanging chandeliers along with the incorporation of the Houston Oaks Hotel (now The Westin Oaks Houston).
The first expansion, known as Galleria II, was completed in 1976 and added 360,000 ft² (33,000 m²) of retail space on two levels, as well as Lord & Taylor and Frost Bros. Marshall Field's joined the mall in 1979, in a store designed by noted architect Philip Johnson. Galleria II included office space (known as the Galleria Financial Center since the early 1990s) and a second hotel, the Galleria Plaza Hotel (now The Westin Galleria Houston ). In 1986, a second expansion, Galleria III, opened with a new wing to the west of Marshall Field's, anchored by Macy's. This brought the mall to almost 1.6 million ft².
In February 1989 the Galleria was 93% occupied, making it the mall with the fifth highest percentage of occupied space in the Houston area.
Marshall Field's sold its store to Saks Fifth Avenue in 1996, while the mall itself was sold by Hines Interests in 1999 to a partnership of Urban Shopping Centers, Inc. and institutional funds advised by Walton Street Capital, LLC. The Walton Street affiliated funds separately purchased the office and hotel buildings at this time. Urban, in turn, was purchased by Netherlands-headquartered real estate investment group Rodamco North America, N.V. in 2000. Rodamco sold part of its stake in 2001 to the real estate investment arm of CalPERS as it tried to thwart a hostile takeover by a consortium including The Westfield Group and Simon Property Group. Ultimately unsuccessful in preventing the buyout, Rodamco's ownership interest and management operation of the mall was acquired by Simon Property Group in early 2002.
During all these rapid ownership changes, development continued on a third expansion of the shopping center, known as Galleria IV. Completed in March 2003, it added 800,000 sq ft (74,000 m2) to the south, anchored by Nordstrom and Foley's, as well as an additional 70 stores. Upon completion of Galleria IV, the shopping mall totaled 2.4 million ft² (220,000 m²) of retail space which include many high-end boutiques, such as Louis Vuitton, Gucci, Kate Spade, Ralph Lauren, Coach, Fendi, Chanel, Christofle, Yves Saint Laurent, Burberry, Versace, Prada, and Tory Burch.
In January 2005, Lord & Taylor closed their store, with its former space being partially demolished and incorporated into the mall as an additional 100,000 ft² (9,300 m²) of retail space that opened in August 2006. This redevelopment included a Kona Grill, Oceanaire Seafood Room, Del Frisco's Steakhouse, Gigi's Asian Bistro, and nine other retail stores. During the reconstruction, some of the former Lord & Taylor infrastructure was recycled although a section of catwalks dating back to the Galleria II's 1976 expansion was demolished; this trend was similar to the Galleria IV's expansion in 2002.
In 2005, after the merger of the parent companies of Macy's and Foley's, it was announced that the Macy's store would close and that the Foley's would be renamed Macy's. The Foley's was renamed in September 2006, but the original Macy's continues to operate, both as separate full-line department stores.
Forbes ranked the Galleria as one of the world's best shopping malls.
The first and only Tesla Motors and Prada stores in Texas are located in the Galleria.
Read more about this topic: The Galleria (Houston)
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