This study examines shopping mall revitalization models from the perspective of the building life cycle, employing Life Cycle Assessment (LCA) and Service Life Planning (SLP) methodologies. The primary objective is to identify key criteria for extending the service life of facilities while preserving their functionality, technical performance, and sustainability. Through a case study of a shopping mall in Serbia, the research demonstrates that integrated design, combined with continuous condition monitoring and timely decision-making, can ensure a balance between energy efficiency, architectural flexibility, and market relevance—ultimately resulting in the extension of the building’s service life. Particular emphasis is placed on the architect’s role within the stakeholder system in shaping durable and adaptable structures that meet contemporary urban demands and environmental standards. The findings suggest that planned maintenance, supported by ongoing performance assessment, is essential for the timely reactivation of facilities through remodeling and for the prevention of premature obsolescence.