The future of the suburban shopping mall could look something

like a mini community, with far fewer places to shop.

The U.S. mall owner Macerich announced Thursday it’s sold a majority stake in Paradise Valley Mall in Phoenix, for $100 million, to a joint venture with an affiliate of the Phoenix-based, mixed-use real estate company RED Development. The partners will convert the 92-acre site into a community with homes, offices and a grocery store.

The 1970s-era Paradise Valley Mall has been rezoned to allow the sprawling plot of land to include high-end grocery options, restaurants, 3.25 million square feet of residential space, office buildings and some retail shops.

Malls packed full of clothing, footwear and other retail shops are looking for a new life, as more consumers buy online and skip trips to dated department stores and archaic food courts.

Source: CNBC