A formerly deserted shopping center on U.S. Highway 19 is now one of the busiest strip malls in North Pinellas County.
Highland Lakes Plaza, once sleepy and outdated, is now home to a Trader Joe’s grocery store, Barnes & Noble and Perspire Sauna Studio, with more to come. The transformation was helmed by New York-based Kimco Realty, a real estate investment trust focused on grocery-anchored, open-air shopping centers.
When Highland Plaza shopping center opened in 1979, its anchor store was a Publix.
“There will always be a grocer. A grocer is needed no matter what,” said Vicky Anthony, vice president of leasing for Kimco Realty’s southern portfolio.
A photo lab, travel agency, hardware store, beauty parlor, florist and bank surrounded the early Publix. The grocery store was the heart of the shopping center until spring 1992, when it moved to the next-door Coral Landing shopping center.
Highland Lakes Plaza replaced Publix with a Stein Mart, which property managers hoped would update the center and encourage new tenants. Palm Harbor Bookstore, Michaels, Orangetheory Fitness, Famous Footwear and Hallmark joined over the years.
But demographics shift, and suddenly, the tenants of a once-vibrant shopping center need to be adjusted, Anthony said. Stein Mart’s Chapter 11 bankruptcy filing in 2020 dragged the plaza down — its anchor was gone.
“It was a ghost town,” Palm Harbor resident Skye Bellasea said.
Kimco Realty acquired the strip mall in January 2024. The realty group saw an opportunity for “tremendous upside,” Anthony said, by filling the empty spaces with stronger national tenants. Palm Harbor has strong retail demographics because it’s a suburban, family-centric part of Pinellas County close to the coast, with many upper-middle-class shoppers.
The first step was acquiring a new anchor for the plaza.
Kimco knew it wanted a Trader Joe’s based on a void in the market, and reached out to the California-based grocer, whose entrance into Tampa Bay ten years earlier came with much fanfare. When Trader Joe’s replaced Stein Mart, which sat empty for four years, Palm Harbor residents rejoiced.
Residents petitioned online for Trader Joe’s in neighborhoods throughout greater Tampa Bay, and finally, their prayers were answered.
Though North Pinellas residents desired a Trader Joe’s, more consequentially, Trader Joe’s saw potential at Highland Lakes Plaza. Palm Harbor’s strong demographics and the location, far from other Trader Joe’s stores, were key draws for the grocer.
Kimco spent millions on lighting, landscape upgrades and new pylons for signage on U.S. 19 to brighten the facade of the plaza.
“Kimco has invested the dollars to get these types of tenants,” Anthony said.
Not everything has changed. The Trader Joe’s calls back to the plaza’s grocer-oriented origin, and the Michaels, Orangetheory and Famous Footwear remain.
Palm Harbor resident Homa Kadivar has been coming to Highland Lakes Plaza for a long time, and shopped at Stein Mart when it was open. Though Kadivar thinks Trader Joe’s is good for the neighborhood, bringing more energy and people to the center, she doesn’t see much difference from how it looked before Kimco’s effort — and she misses shopping at Hallmark.
This year, the center will focus on filling the remaining space with strong national chains instead of local stores.
“While the local mom-and-pops are obviously ideal, the blend of locals and nationals demands a higher rent, because their sales are stronger,” Anthony explained.
When they realized they had roughly 21,000 square feet left to lease, Anthony wondered, “Who would be a great complement to Trader Joe’s?” Barnes & Noble was a natural fit.
The revamped tenant mix covers shoppers’ range of needs. Perspire Sauna Studio backfilled Marathon Grille, a vacant restaurant. Code Ninja replaced Allied Healthcare, a struggling medical device retailer. Costa Vida, a new Mexican restaurant concept, will replace Pizza Hut. J. Crew Factory will be the plaza’s next new national chain, opening in the old Hallmark space.
“You want to create a great tenant mix, where people are going to come, stay, walk, shop and have coffee,” Anthony said.
Highland Lakes Plaza is scheduled to keep growing over the coming year. Kimco expects to announce three more tenant leases with large national companies to open through 2027.
For Bellasea, it would be nice to have smaller boutiques that resemble the small mom-and-pop shops in Dunedin, which have a certain charm. She would love to see local juiceries and coffee shops, since there’s currently nowhere to hang out in the plaza.
Bellasea visits twice a week for Trader Joe’s and shops at Barnes & Noble with her daughter.
“I’m glad that Palm Harbor is getting a little bit more,” Bellasea said. “I’m really happy for the town, because it needs it.”
