After having lost multi millions of dollars in property value over the past few years*, "The Galleria," Greater Ft. Lauderdale's destination for upscale fashion, is about to begin a dazzling $50 million dollar renovation which will transform the well tenanted property into a premier state-of-the-art retailing complex. The Galleria Mall and the plaza next door holding the Galleria Movie Theater, are both owned by the Pennsylvania State Employee Retirement Fund, who's biggest investor is the Pennsylvania Teacher's Union. No plans of any kind have been announced for the plaza next door. The work is scheduled to begin in November of this year and should be completed in November of next year. No shutdown is expected, as all major work will take place at night to avoid interruption.    The redevelopment and leasing of The Galleria is being undertaken by the Kravco Company, one of today's most respected developers and managers of premier regional malls, community retail and urban mixed-use properties.    The project will encompass a complete interior renovation of the mall's common area including new flooring materials, ceiling treatments, elegant lighting, luxurious soft seating groupings, lush new landscaping, and a grand, main entrance arrival plaza along Sunrise Boulevard.    This dramatic interior renovation will be naturally illuminated with the new clerestory skylights flooding the common area with natural Florida sunlight.    A spectacular new entry will showcase a "resort-like" porte-cochere drop-off with valet services and an elegant streetscape experience of new-to-market restaurants, cafes and retailers in a showcase setting.    Local residents and visitors will be treated to a transformed arrival experience at The Galleria with greatly improved on-site traffic flows, realigned driveways, renovated parking levels and pedestrian areas. This includes a new exterior entry lobby that will connect the mall to various parking areas. The escalator lobbies connecting the mall interior to the parking levels will be updated with open view glass walls, brighter lighting and elegant interior finishes. All parking levels will be enhanced with brightly painted surfaces, updated lighting and directional graphics.    Kravco feels the market is here in and around Coral Ridge, therefore, they need to bring a new level of quality to the Galleria. We, Coral Ridge, have become a more affluent neighborhood and Kravco wants the "redevelopment project" to enhance us.    * Money would actually be lost only if the mall were sold at today's estimated value. There are no plans to sell the mall, only to upgrade it.