LAS VEGAS—The Boulevard Mall, one of Las Vegas' most iconic shopping centers of the mid-1960s through 80s, is about to undergo its first major renovation in more than two decades.

Developer Sansone Companies acquired the property in December for $54.5 million and is looking at the renovation of the Boulevard as a catalyst in the overall redevelopment effort of the Maryland Parkway corridor.

Officially approved in this week's Planning Commission meeting, the redevelopment plan calls for construction on the 1.2-million square-foot property to begin in mid-2014. Sansone plans to invest approximately $23 to $25 million in the mall's redevelopment, which will include a new line-up of stores, restaurants and entertainment venues; redesigned façade and landscape; and enhancements to surrounding areas on Maryland Parkway. The changes will take place in several phases and be completed by 2015.