Highland Lakes Plaza on U.S. Highway 19 in Palm Harbor lost its anchor tenant when Stein Mart filed for bankruptcy in 2020, leaving the biggest storefront dark for four years. Now the 47-year-old plaza is one of the busiest strip malls in North Pinellas County, and the turnaround started with a grocery store.

Trader Joe's opened in the former Stein Mart space in December 2024, giving the plaza its first anchor since the discount retailer went dark. The location is the northernmost Trader Joe's in Tampa Bay.

New York-based Kimco Realty, which acquired the plaza in January 2024, spent millions on lighting, landscaping and new signage pylons along U.S. 19 to modernize the property, according to a Tampa Bay Times report published Monday, Aug. 3.

"It was a ghost town," Palm Harbor resident Skye Bellasea told the Times, describing the plaza before Kimco's overhaul.

The grocery anchor drew a wave of new tenants. Barnes & Noble, Perspire Sauna Studio, Michaels, Orangetheory Fitness, Famous Footwear and Code Ninja now fill spaces that were either vacant or occupied by struggling businesses. Perspire Sauna Studio backfilled a vacant restaurant space formerly held by Marathon Grille. Code Ninja replaced Allied Healthcare, a medical device retailer.

More is coming. J. Crew Factory will open in the old Hallmark space, the Tampa Bay Business Journal confirmed in May. Costa Vida, a Mexican restaurant chain, will replace Pizza Hut.

Vicky Anthony, Kimco Realty's vice president of leasing for its southern portfolio, told the Times the company is prioritizing national chains over local shops for the remaining 21,000 square feet of leasable space. The blend of local and national tenants commands higher rents because national chains' sales are stronger, she said, though she called local mom-and-pops "obviously ideal."

Anthony said Kimco expects to announce three more national-chain leases for spaces opening through 2027.

Not everyone sees a transformation. Palm Harbor resident Homa Kadivar told the Times she thinks Trader Joe's is good for the neighborhood but doesn't notice much difference from how the plaza looked before Kimco's effort, and she misses the Hallmark store.

What it means for Palm Harbor

Palm Harbor is unincorporated, so commercial development along the U.S. 19 corridor falls under Pinellas County jurisdiction rather than a city council. Residents have no local commission vote on tenant mix or plaza aesthetics. The market, and landlords like Kimco, drive the decisions.

The plaza originally opened in 1979 with a Publix anchor. That Publix moved to the adjacent Coral Landing shopping center in spring 1992, and Stein Mart eventually took over as the draw. When Stein Mart collapsed, the plaza lost its reason for foot traffic.

Kimco's bet is that a grocery store still provides that gravity. "There will always be a grocer. A grocer is needed no matter what," Anthony told the Times.

The next milestone at Highland Lakes Plaza is Kimco's three additional tenant announcements, expected before the end of 2027.