Attempts to revive Park Lane included adding a Gottschalks department store at the old Sears in 1996 and a new Century Theatres movie theater in 1998 (which involved demolishing the former Weinstock's building),[6] but the mall continued to decline into the 2000s until the mall ultimately closed in January 2007.

Gottschalks closed in late 2008, shortly before the company went into bankruptcy and liquidated its remaining stores, eventually being demolished soon thereafter.

[7] The site is now being redeveloped into a new mixed-use project that is slated to have a mix of 1,300 luxury apartments, a 170-room hotel, more than 70,000 square feet (6,500 m2) of retail space, a market hall with a coworking loft, a tech campus of 382,000 square feet (35,500 m2), and a 1-acre (0.40 ha) park.

[7] Construction of the property commenced in 2019 and in 2020 was renamed to its current moniker, the Reno Experience District, ending the legacy Park Lane name.

[8] As of 2024, the site today includes the aforementioned Century Theatres and the adjoining 1-acre (0.40 ha) park, three luxury apartment complexes, a Kasa Archive hotel, an Element by Westin hotel, and two outparcels unaffected by the former mall's demolition in 2007: Heritage Bank of Nevada and Wells Fargo.