The Galleria is for sale, and it took the tax base down with it
The mall that anchored Hoover’s tax base fell into special servicing and was listed for sale in 2026, while the city’s own consultant found its sales-tax contribution has fallen 41 percent since 2007.
Where it stands
Getting worse
Hits residents
10/10
Years covered
2025–2026
Sources
4 linked
- $5.4M
- Galleria annual sales-tax generation in 2024, down from about $9.2M in 2007
- 64.8%
- Share of Hoover’s FY2026 general fund revenue from sales and use taxes
- 4.2M
- Galleria visits in 2024, down from 6.3M in 2019
As of 2024
As of 2026
As of 2024
What happened
The Riverchase Galleria’s mortgage went into special servicing with Rialto Capital Advisors, and in June 2026 the enclosed mall was listed for sale through Jones Lang LaSalle. A city-commissioned consultant, Hunden Partners, found the mall’s annual sales-tax generation fell from about $9.2 million in 2007 to about $5.4 million in 2024, a 41 percent nominal decline, while visits fell from 6.3 million in 2019 to 4.2 million in 2024. The attached 17-story office tower was 52 percent occupied and listed for $20 million. This matters because Hoover’s general fund draws roughly 65 percent of its revenue from sales and use taxes. Mayor Nick Derzis called the sale “a positive turning point.” No buyer or asking price has been publicly reported.
Timeline
City consultant Hunden Partners finds the Galleria’s sales-tax generation fell 41% since 2007.
Hunden Partners, Riverchase Galleria Redevelopment Final Analysis (hooveralabama.gov) ↗The Galleria’s attached office tower is listed for $20 million at 52% occupancy.
Hoover Sun (hooversun.com) ↗Mayor Derzis announces the mall will be listed for sale, citing the limits of the special-servicing period.
ABC 33/40 (abc3340.com) ↗Reporting details what is and is not included in the sale.
Bham Now (bhamnow.com) ↗
Who's involved
Brookfield Properties
Identified as primary owner of the enclosed mall
Rialto Capital Advisors
Special servicer on the mortgage
Jones Lang LaSalle Americas
Listing broker for the 2026 sale
Hunden Partners
Consultant retained by the city to analyse redevelopment
Mayor Nick Derzis
Announced the listing in June 2026
The other side
Derzis called the sale “a positive turning point” and “the catalyst Hoover has been waiting for,” arguing that the special-servicer period had blocked reinvestment in the property. Mall management has publicly expressed optimism about redevelopment interest.
Open questions
- No asking price or buyer has been reported for the Galleria as of July 2026.
- The mortgage’s size, origination date, and the date it entered special servicing are not established in any retrievable source.
- Whether Macy’s, still operating as of the September 2025 report, has since closed is not established.
Sources (4)
- 1Riverchase Galleria Redevelopment, Final AnalysisHunden Partners / City of Hoover · Sep 2025 · hooveralabama.gov
- 240-year-old Riverchase Galleria put on the market for saleHoover Sun · Jun 2, 2026 · hooversun.com
- 3New chapter ahead? Riverchase Galleria expected to be listed for saleABC 33/40 · Jun 2, 2026 · abc3340.com
- 4Office tower next to Riverchase Galleria up for sale for $20 millionHoover Sun · Sep 24, 2025 · hooversun.com
Last checked July 29, 2026