PHOENIX - Metrocenter Mall is a place that sparks nostalgic feelings for many Valley residents.

The mall opened in 1973 as one of the nation’s largest retail facilities. But crime and hard times turned the once prosperous mall into something resembling a ghost town.

UPDATE: Developer says Metrocenter Mall will not be 'completely demolished'

In June, the Phoenix City Council unanimously approved a rezoning that would allow for the development of offices, housing and healthcare on the property.

Warren Fink, chief operating officer of Carlyle Development Group, the company that owns Metrocenter, recently told KJZZ the mall Valley residents know today isn't staying and the plan to demolish included development of senior housing and medical centers, millennial renters and a multi-story office building.

The plan is to transform the property into a "true urban village."

A Walmart Supercenter, expected to open in 2017, is currently being built on the property. It's the first among many developments still to come.

GALLERY: Arizona news in photos