[1][2] A plan by Sand Hill to rebuild Vallco as a mixed-use development with retail, housing, and office space topped by a green roof park was cancelled after Cupertino voters rejected Measure D on the November 2016 ballot.

[3] After obtaining community input in the planning phase,[4] the project ran into significant push-back from citizens who wanted to freeze the site as retail-only, citing concerns about traffic and schools.

Currently, the primary attractions are Bowlmor Lanes and Cupertino Ice Center; Benihana also remains active at the mall in its original location.

In its first several years, the mall's main walkway was punctuated by several parks showcasing aspects of local history, ranging from apricots to Klystron tubes.

[16] On the weekend of August 11, 1990, Tilt Family Entertainment Center opened on the lower level (where the original food court used to be).

[citation needed] Alan Wong, Emily Chen, and John Nguyen bought Vallco and began renovation of the mostly empty mall in 2005.

One of the changes made to Vallco as part of these new renovations was to completely close the mall's lower level in 2005 with a handful of exceptions including Cupertino Ice Center, Tilt Family Entertainment Center (two years later Strike Bowling, then Bowlmor Lanes), and Dynasty Seafood Restaurant, leaving the focus on the second floor.

The contractor for the movie theater, DPR, filed a mechanic's lien against the owners for approximately US$10 million in July 2007, which was settled the following September when Orbit Resources acquired the mall.

During construction, on February 27, 2006, strong winds toppled a 30-ton crane onto the mall, puncturing a substantial hole in the roof and resulting in water damage to several stores.

Future plans at the time included new shops facing the street at the corner of Wolfe Road and Vallco Parkway, a seismic upgrade of the parking garage west of the theaters and the main mall structure, two new hotels, and a Hofbrau beer hall adjacent AMC Theatres.

In September 2008, the two owners of the complex filed for bankruptcy to prevent the primary financier, Gramercy Capital, from foreclosing on their property.

Managing Director Reed Moulds said the company "will not sell the land nor make investments into the current failed asset.

[3] In a follow-up statement, Moulds said that current tenants' leases would be honored so long as they remained at the mall; AMC Theatres, Bowlmor Lanes, Ice Center Cupertino, and Benihana all indicated their intention to stay.

[32] In May 2017, Sand Hill began implementing the closure of vacant areas, with seven new interior walls erected and a fenced-off section in front of the former Macy's.

[34] In March 2018, Sand Hill proposed a revised mixed-use development plan with an increase from 800 to 2,402 residential units, and still including a rooftop park.

On September 16, 2021, AB1174 was signed into law, which gives projects (like Vallco) using the special approval of SB35 more time to start construction to compensate for delays caused by lawsuits.