Competition from newer suburban malls, and the general decline of center city retail, sent PARK CENTRAL MALL into a downward spiral. Its anchor stores pulled up stakes in 1990 and 1995. By this time, the situation appeared so bleak that an ad was placed in local newspapers, reminding Phoenicians that the shopping center was still in business.
Advert from the Lehndorff Group

The foundering retail complex was converted into a mixed-use office, retail, restaurant and hotel hub between mid-1997 and late 1999. An abandoned J.C. Penney became a call center for Samaritan-Banner Health Systems. The old Diamond's (which had morphed into a Dillard's) became the Catholic Healthcare West facility. By late 2008, the revitalized complex was being promoted as simply PARK CENTRAL.

Revenue service commenced on Phoenix's Valley Metro light rail system in December 2008. The Osborn-Central Station, which is adjacent to PARK CENTRAL, opened as part of the 19.7-route-mile starter line. It is possible that the mall's proximity to modern transit helped to save it from being shuttered and demolished.
Photo from https://phoenix.org