While other newer malls have opened within University Mall's service area over the past decade, including Westfield Citrus Park and International Plaza, some of its aging indoor peers have fallen to the wayside. One such mall converted to a vertical office complex, another was redeveloped as an OAC and yet another was demolished to make way for the new headquarters and training complex of football's Tampa Bay Buccaneers.

University Mall itself was marked for a similar fate, enduring persistent rumors that USF would buy and expand onto the 95-acre site. The chatter was finally silenced by last year's sale and this year's renovations.

Improvements to University Mall, designed by Dallas architecture firm Omniplan, are marked by revamped V-shaped main entrances combined with a monochromatic color palate, native Florida landscaping and new tile mosaics. Interior features include a remodeled food court, a soft-seating lounge area, a pirate-themed children's play area and a Wi-Fi terrace offering free Internet access.

"As cranes arrived on our property and demolition began, change was evident to even the casual visitor," Locke says. "The comments have been 100% positive and the amenities have received rave reviews, creating continued excitement and questions about what's next, and putting the rumors to rest."

Despite the recent trend toward de-malling and building anchors and other stores so that shoppers can park more closely, retail observers believe revamping University Mall is a sound move on the current owners' part. The mall has benefited all these years from its location alone, enjoying heavy traffic, population density and proximity to a major college.

"That has been a retail center of gravity for a long time," says Justin Greider, associate director with Holliday Fenoglio Fowler in Orlando and a noted researcher of Florida retail markets for the International Council of Shopping Centers. "Even with other more exciting malls opening nearby, people will still drive out of their way to shop there. Plus, everybody knows college students like to go to the mall."

While University Mall does not disclose specifics on sales or customer traffic, Locke says it has received a welcome boost from the current holiday shopping season after completing renovations in early November. "In light of these trying economic times, we were pleasantly surprised by Black Friday weekend results that exceeded our expectations," he says.