Local developer buys Pinellas Park mall for $85M
Belleair Development Group, which owns multiple local plazas and shopping centers, has now acquired The Shoppes at Park Plaza in an $85 million deal.
The 352,670-square-foot plaza at 7200 US Highway 19 N. in Pinellas Park is anchored by Target and the Regal Park Place movie theater; the purchase doesn’t include Target or the Chili’s restaurant.
“We’ve always looked at this property as a well-executed mall and we were interested in it for years,” Christian Yepes, co-owner of Belleair Development Group, told the St. Pete Catalyst. “We look at properties we can redevelop or add value to, and we had the opportunity to buy this great asset that has room for more development in the future.”
The Regal Cinemas 16 theater in the plaza. GoogleMaps.
Belleair is a family-owned firm, started by Yepes’ father, Carlos Yepes, in 1997. Christian joined in late 2007. The firm’s foundation is based on Christian beliefs that are ingrained in its culture.
Texas-based Greystone sold the shopping complex to Belleair under the BDG Park Place LLC entity.
Belleair partnered with Voya Investment Management LLC as the lender for the property, which includes 42 acres and the outparcels.
The plaza’s tenants includes Five Below, Famous Footwear, Petco, Jersey Mike’s, Michaels, Starbucks, Chipotle, Panera, and BJ’s Restaurant and Brewhouse among others.
The mall is nearly at 100% occupancy with ongoing negotiations to fill the last 2,100-square-foot remaining space. Belleair is exploring options for future plans that include the development of a hotel on site as well as a potential
multifamily residential component on the southwest corner.
However, the company is focused on renewing leasing for the plaza and filling the one vacant space.
“We want our tenants to stay stable. Our goal isn’t to raise the rent. The goal is to complement the development,” he said.
Part of the proceeds collected from the rent of tenants will be invested toward recovery efforts for Hurricane Ian victims in Southwest Florida, Yepes said.
He said they’ve committed to supporting Mercy Chefs, a faith-based, non-profit disaster and humanitarian relief organization, which will provide thousands of meals to the victims.
Lisa
October 28, 2022at5:08 am
The last thing this area needs is more apartment homes or condos. We need more green space-!! It’s saddening to think that this small space my be crowded with more apartment or condos. An eyesore.
nolan riley campbell
October 16, 2022at5:12 am
Hotel and more apartments? 🙄
Susan Murray
October 16, 2022at12:00 am
What caused the prior Chtistian bookstore to go out of business then? I was under the impression the renewed lease was not affordable. Just curious. I miss that store.
Ravin
October 15, 2022at1:54 pm
I miss the old Pinellas Square Mall.
I don’t like the plaza.
James Andjelic
October 15, 2022at12:00 pm
As you probably know, brick and mortar shopping malls are going the way of the Conestoga wagon! We, in St. Petersburg, should be HAPPY that a quality organization has purchased the mall. I’m the article, the owner is quoted as saying that they want to PRESERVE the tenants that they have. Makes sense, right? The looming question is what to do about vacancies. A hotel and/or high-end condos would generate foot traffic for the mall. As Martha Stewart might say, “this is a good thing!”
Holly S
October 15, 2022at11:07 am
Think this will be wonderful for the plaza . I met Christian and spoke with him briefly , such a pleasant kind man . Enjoyed talking with him & to see them move forward with the buy . this is great
Christian Yepes
October 15, 2022at10:45 am
Hi Stacy, we aren’t getting rid of any existing structures, just thinking about the possibility of adding more down the road. If anything we would be creating more jobs, not eliminating any. I appreciate your concern and share your view that we need to preserve jobs and create more, not eliminate any. I hope that clears up any confusion. Have a great day!
Marian LaForte
October 15, 2022at8:41 am
Hope they put in a HomeGoods!
Gregoire
October 15, 2022at8:00 am
They better got rid of that PSTA transfer station. It is a major conduit for meth and Fentanyl traffickers. The clientele from the buses do nothing but terrorize the costumers, businesses and litter everywhere.I don’t know any sane person who would want to stay or live near that place.
Christi
October 15, 2022at7:00 am
I hope they don’t build houses! We don’t need more places for people to live! We need more stores added so we don’t have to drive to the other side of town to go to the other stores. This area has so much potential. Let’s just hope it the mall stays!!!
Camila Trump
October 15, 2022at5:38 am
all the builders and investors only think to fill st pete with apartments and hotels. And have you thought about the employees of the current establishments?
Michael Wells
October 14, 2022at10:46 pm
Or we can stop building Apartments and condos I mean Jesus most of the current ones in downtown St. Pete aren’t even fully occupied. Just stop it does indeed raise rent for everyone else. Also stop building car washes it is legitimately draining all water supplies.
Stacy Fabiszewski
October 14, 2022at6:38 pm
So, as I understand it, they’re getting rid of the mall and building more apartments, condo’s and homes, am I correct? Or are they putting in different stores? If they are building more apartments, condo’s or homes a ton of people are going to lose their jobs. I don’t like this at all
Pedro Villa-Leguizamo
October 14, 2022at3:36 pm
Finally, the area definitely needs better usage of the area, more specifically the parking space that for the most part remains underutilized.I will definitely be staying tuned for more.
Kpecks
October 14, 2022at6:33 am
Bellaire is the best in the business. This is a big win for the tenants and the entire community.