DALLAS — Scott Beck, the chief executive of a local real estate company, remembers riding his bike as a child to Valley View Center, a shopping mall in North Dallas. Cars filled the vast parking lot and anchor stores like Bloomingdale’s, J. C. Penney and Sears teemed with customers.

Now, the bustle of shoppers has been replaced by the din of construction — led by Mr. Beck, whose company is clearing the way for a new $3.5 billion development of restaurants, offices and housing.

“We’re not trying to repurpose the mall,” Mr. Beck, 43, said. “We’re simply repurposing the land.”

Many malls across America have hit tough times, squeezed by changing demographics and competition from e-commerce, discount stores and newer malls with more diverse offerings. Morningstar Credit Ratings recently called the changes in the industry a “seismic shift” and warned of more financial pain ahead. Hundreds of department stores, mall anchors for decades, are expected to shut their doors this year.