HOLIDAY — A Wesley Chapel company has big plans for the Holiday Mall and surrounding area.

Mishorim Gold Properties, or MGold Properties, announced its $8.56 million purchase of the property on Aug. 31, describing it in a press release as “a boost of life.”

The Holiday Mall complex is at the southeast corner of U.S. Highway 19 and Moog Road. It’s listed at 130,177 square feet and currently has 18 tenants and seven available units. The property, which is anchored by a Winn-Dixie, had a 40% vacancy rate at the time of purchase, the press release states, and two available spaces have already been filled.

“This is going to be the next up-and-coming community,” developer Mark Gold wrote in the release. “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.”

MGold Properties plans to invest $4.6 million to $6 million renovating the complex to transform it into “a dynamic shopping and dining destination,” adding that bright lighting will add to the safety and security of the plaza.

Gold stated that he chose the location in Holiday because of its growth, potential and visibility, citing statistics that 140,000 residents with an average household income of $61,000 live within a 5-mile radius of the Holiday Mall. MGold Properties expects the population to jump 5% by 2023.

Cooperation from Pasco County also influenced MGold Properties’ decision to target the Holiday Mall. These actions include the county’s incentive initiatives aimed at helping developers seeking to revitalize struggling areas. They also include nearby but unrelated efforts to improve the area, such as the renovation of a workforce innovation training center near the Holiday Mall, the future beautification of the U.S. 19 corridor and the future ribbon-cutting for the Anclote Coastal Trail.

The purchase of the Holiday Mall is MGold Properties’ second in the Pasco in less than a year. The other in-county project involved buying The Grove in Wesley Chapel for $62.7 million. The company said it has signed 73 new tenants since then and is spending $110 million to attempt “to turn The Grove into the community’s downtown.” That project intends to include an innovative container park, a movie theater and entertainment complex and a water park. The container park will consist of large shipping containers that act as affordable spaces for businesses and is set to open in the fall with 50 restaurants and retail shops.