The corporate authority, as an alternate to the preceding methods, may find that the right-of-way no longer is needed as a right-of-way. When persons owning or having any legal or equitable interest in the real property affected by a proposed mall, present a petition to the corporate authority for vacating the right-of-way pursuant to chapter 35.79 RCW, or the corporate authority initiates by resolution such a vacation proceeding, a right-of-way may be vacated and replatted for mall purposes, and closed to vehicular traffic except as provided in RCW 35.71.030, consistent with the subdivision standards allowed by Title 58 RCW, and chapter 35.63 RCW.