HOLIDAY, FL — The Holiday Mall is about to get a new lease on life following its sale to Mishorim Gold Properties for $8.56 million.
Developer Mark Gold plans to invest $4.6 million to $6 million on renovations to turn the stale retail center into a dynamic shopping and dining destination. New, bright lighting will add also increase security at the plaza.
“This is going to be the next up-and-coming community,” Gold said. “There is so much energy and excitement in the area right now for what is to come. I am excited to help the neighborhood and the surrounding areas soar again. This new mall is going to be a game changer. It will become a destination that makes residents proud to show off.”
Holiday Mall becomes the 22nd property purchased by the partnership and the second property in the past 11 months. Last year, MGold purchased the Grove at Wesley Chapel for $62.7 million and has since signed on 73 new tenants.
MGold has been lauded for its ability to turn stagnant shopping plazas into trendy, popular spaces that reinvent the way residents live, work and play with a focus on service, entertainment, dining and retail.
The Holiday Mall, located at the southeast corner of U.S. 19 North and Moog Road, is anchored by Winn-Dixie. The 130,177-square-foot center features 18 tenants and seven available units. Gold purchased the property with a 40 percent vacancy rate and has already filled two of the spaces.
Gold said he chose to Holiday Mall as his latest project because of its growth potential and visibility. More than 140,000 residents live within a 5-mile radius of the shopping complex, with its population projected to jump 5 percent by 2023. The average income within that area is close to $61,000 a year.
Additionally, Pasco County is investing its own money into the area along the U.S. 19 corridor, which at one time was the economic driver in Pasco County. Also known as the Gulf Coast Highway, more than 71,000 cars pass by the Holiday Mall a day. While traffic has remained high, development lagged behind, said Pasco County Commission Kathryn Starkey, whose district encompasses the Holiday Mall.
She said MGold’s investment is a welcome and much-needed boost, augmenting what has already been committed for the area.
Pasco County offers incentives to help developers interested in revitalization efforts. The county’s supportive environment for business and industry has helped Pasco County become one of the top 40 fastest-growing counties in the United States, according to the Pasco Economic Development Council.
Other improvements in the area will bolster Gold’s efforts at the Holiday Mall including the county’s plans to spend a couple million dollars renovating a workforce innovation training center near the Holiday Mall.
Up the street, Rasmussen College demolished an old commercial center and plans to reopening a new college campus with the capacity to educate and train 25,000 students.
Just south of the Holiday Mall, a new storage facility is going being constructed.
Additionally, the county is in the midst of a $3-million landscaping project with the Department of Transportation along the U.S. 19 median and a ribbon-cutting will soon take place for the Anclote Coastal Trail, which will connect Holiday with downtown Tarpon Springs.
“The redevelopment of the Holiday Mall will be well-received by the residents of West Pasco,” Starkey said. “We value his investment and can’t wait to see the wonderful changes coming to that area.”
In the meantime, MGold is spending $110 million to turn the Grove at Wesley Chapel into the community’s “downtown,” complete with a container park, a movie theater, entertainment complex and a water park.
The container park, which offers funky, affordable spaces for start-up businesses, is set to open in the fall with 50 restaurants and retail shops. The movie theater, which will showcase a cycling room and children’s play area, is scheduled to open soon.