SAN DIEGO (FOX 5/KUSI) -- A popular shopping center in the heart of San Diego's Mission Valley neighborhood may get a massive facelift in the coming years. A proposal by boutique commercial real estate firm Retail Insite envisions transforming the Mission Valley mall into a mixed-used retail and residential hub called "The Valley." The original mall was built in the 1960s and was known as "Westfield Shoppingtown Mission Valley" before simply becoming "Westfield Mission Valley." According to a brochure of the plan, the mall sees about 9.8 million visitors each year. Affordable housing coming to Mission Valley along San Diego River trail In 2023, Unibail-Rodamco-Westfield sold both of their Mission Valley shopping centers -- located on either side of Mission Center Road -- to separate buyers for a $290 million deal. Both shopping centers total 1.5 million square feet. The renovation and expansion project is meant to occupy the space formerly known as Westfield Mission Valley East, located at 1640 Camino del Rio North. The Valley would add two new residential structures to include about 650 units collectively, as well as a central common area, reimagined public spaces and more. The plan also hopes to add a central covered parking connection to the retail promenade. A rendering shows part of the major transformation planned for the Mission Valley mall. (Retail Insite brochure)A rendering shows part of the major transformation planned for the Mission Valley mall. (Retail Insite brochure)A rendering shows part of the major transformation planned for the Mission Valley mall. (Retail Insite brochure) Major tenants like Target, Nordstrom Rack and AMC Theatres are set to stay, as well as Yard House, CAVA and Outback Steakhouse. The project is just one of several separate plans to revitalize the Mission Valley neighborhood. Just across the street is another proposed neighborhood development along the San Diego River, which aims to add more housing near public transit and encourage environmental-friendly modes of transportation. Former Mission Valley hotel to be converted into affordable housing Called "Riverwalk San Diego," the nearly 200-acre development at 1150 Fashion Valley Road is planned to have 4,300 housing units as well as 55 acres of parks, a protected watershed around the river, a new Metropolitan Transit System trolley stop and additional walking and cycling trails. A projected timeline for when work on The Valley is set to begin has not yet been formally announced.