Waterford Lakes Town Center

Waterford Lakes Town Center is an outdoor shopping center and lifestyle-oriented retail destination in Alafaya, an eastern suburban community within the Orlando metropolitan area. The center is located on North Alafaya Trail near State Road 408 and a few miles south of the University of Central Florida, placing it within a heavily developed and institutionally anchored part of the region. Its location gives the property access to nearby residential communities, students, employees, visitors, and the wider Orlando retail market. The property opened in October 1999. Development was completed in stages, with the third and final phase opening in 2002. In its completed form, the center encompasses approximately 79 acres and about 701,000 square feet of rentable area. Rather than functioning as a single enclosed department-store mall, it operates as an open-air center combining large-format retailers, specialty stores, restaurants, entertainment, and service-oriented tenants. This format supports both routine shopping and destination visits, with stores distributed across a walkable outdoor setting. Major tenants identified for the center include Regal Cinemas, Barnes & Noble, Ashley HomeStore, Target, TJ Maxx, Best Buy, PetSmart, Five Below, Ross, Macy's, and Torrid. Its restaurant mix has included national and regional food and beverage operators such as Five Guys, Pizza Hut, Chick-fil-A, Raising Cane's Chicken Fingers, LongHorn Steakhouse, Miller's Ale House, Panera Bread, Cooper's Hawk, and Little Greek Fresh Grill. The combination of discount, department, specialty, home, pet, entertainment, and dining uses gives Waterford Lakes Town Center a broad everyday-shopping and leisure role. The center has also experienced normal tenant turnover over time. Former occupants listed in reference material include Aeropostale, MovieStop, The Children's Place, Romano's Macaroni Grill, Johnny Rockets, Barnes & Noble, Bed Bath & Beyond, and TGI Fridays, which left at different points between 2008 and 2024. These changes reflect the changing retail environment and the replacement or departure of individual tenants rather than the closure of the property itself. Ownership changed several times during the center's history. Simon Property Group sold the property in 2014. Washington Prime Group subsequently owned it before Kimco Realty acquired the shopping center in October 2024 for $322 million. The acquisition placed the property within Kimco's portfolio of open-air shopping centers. Reference material describes Waterford Lakes Town Center as receiving approximately 14.3 million annual visitors and as the most visited lifestyle center in Florida and the sixth most visited lifestyle center in the United States, although the applicable measurement period and methodology are not specified in the supplied material. Waterford Lakes Town Center's positioning is therefore based on scale, accessibility, tenant diversity, open-air design, and proximity to the University of Central Florida and the broader east Orlando population. It is best understood as a regional lifestyle and shopping center brand rather than as a conventional consumer-goods brand.

Waterford Lakes Town Center was developed as an open-air retail and lifestyle center in Alafaya, Florida, east of Orlando. The property opened in October 1999, establishing a large-scale shopping destination along North Alafaya Trail near State Road 408. Its location south of the University of Central Florida placed it within a growing suburban corridor with residential, educational, and commercial demand. The center was completed through a phased development program. The third and final phase opened in 2002, bringing the property to its completed configuration of approximately 79 acres and 701,000 square feet of rentable area. The resulting center combined major retailers, specialty stores, restaurants, entertainment, and services in an outdoor layout rather than a fully enclosed mall format. Over time, the tenant roster developed across multiple retail categories. Major and anchor-style occupants have included Target, Macy's, TJ Maxx, Ross, Best Buy, PetSmart, Five Below, Ashley HomeStore, Torrid, Barnes & Noble, and Regal Cinemas. Dining uses have included both quick-service and full-service operators, helping the center function as a shopping and leisure destination. Individual tenants have changed as retail conditions evolved. Examples of former occupants include Johnny Rockets, Romano's Macaroni Grill, Aeropostale, MovieStop, The Children's Place, Barnes & Noble, Bed Bath & Beyond, and TGI Fridays. Ownership also changed during the property's history. Simon Property Group sold the shopping center in 2014. Washington Prime Group later owned the asset. In October 2024, Kimco Realty acquired Waterford Lakes Town Center from Washington Prime Group for $322 million. The transaction made the property part of Kimco's open-air shopping-center portfolio. Reference material reports approximately 14.3 million annual visitors and characterizes the property as the most visited lifestyle center in Florida and the sixth most visited lifestyle center in the United States. The supplied reference does not identify the reporting year or methodology for those rankings. The center remains an active retail property serving Alafaya and the eastern Orlando metropolitan area.

• 2024

  Kimco Realty acquisition

  [1]Waterford Lakes Town Centeren.wikipedia.org

  Kimco Realty acquired the shopping center from Washington Prime Group in October 2024 for $322 million.

• 2014

  Simon Property Group sells the property

  [1]Waterford Lakes Town Centeren.wikipedia.org

  Simon Property Group sold Waterford Lakes Town Center.

• 2002

  Final development phase opens

  [1]Waterford Lakes Town Centeren.wikipedia.org

  The third and final phase of the center opened, completing the principal development program.

• 1999

  Property opens

  [1]Waterford Lakes Town Centeren.wikipedia.org

  Waterford Lakes Town Center opened in October 1999 as an outdoor shopping center in Alafaya, Florida.

A large open-air lifestyle and shopping center serving Alafaya, the eastern Orlando metropolitan area, nearby University of Central Florida communities, and surrounding residential markets.

• Retail · 1999

  Retail and department-store tenant mix

  The center's major retail offering spans general merchandise, department-store, off-price, electronics, apparel, home, pet, and specialty categories. Named tenants include Target, Macy's, TJ Maxx, Ross, Best Buy, Five Below, PetSmart, Ashley HomeStore, Torrid, and Barnes & Noble. The mix allows the property to support both planned shopping trips and frequent everyday visits.

• Food and beverage · 1999

  Dining and restaurants

  Waterford Lakes Town Center includes a broad restaurant component that complements its retail uses. Reference material lists Five Guys, Pizza Hut, Chick-fil-A, Raising Cane's Chicken Fingers, LongHorn Steakhouse, Miller's Ale House, Panera Bread, Cooper's Hawk, and Little Greek Fresh Grill among its restaurants. The mix combines quick-service, fast-casual, and sit-down dining formats.

• Entertainment

  Regal Cinemas

  Regal Cinemas is identified as one of the center's major tenants and provides a cinema-based entertainment component within the wider open-air retail destination. Its presence broadens the property's role beyond shopping by adding a leisure use that can contribute to evening and weekend visits.

• 2024

  Sale to Kimco RealtyM&A

  Background

  Waterford Lakes Town Center was owned by Washington Prime Group before being sold in October 2024.

  Action taken

  Kimco Realty acquired the shopping center for $322 million.

  Aftermath

  The property became part of Kimco Realty's portfolio of open-air shopping centers. Longer-term operational or tenant effects are not specified in the supplied sources.

  Acquisition price. $322 million (October 2024)

  Source

• 2024

  Kimco Realty acquires Waterford Lakes Town Center[1]Waterford Lakes Town Centeren.wikipedia.org

  M&A

  Kimco Realty acquired Waterford Lakes Town Center from Washington Prime Group in October 2024 for a reported $322 million.

1. 1Waterford Lakes Town Centeren.wikipedia.org