PALM DESERT, Calif. -

The Vice President of Saxony has confirmed that the two year Residential Real Estate group is closing down.

Jim Mullin said the closure won't impact the company's other endeavors, including Commercial Real Estate and its mortgage business. Mullin claims no jobs will be lost locally because the closure only involves independent operators who hold residential real estate licenses.

Mullin said the company expects to break ground in 12 months on the Saxony Fashion Mall along Highway 111 in Rancho Mirage. The fashion mall will have high-end stores such as Gucci and Versace.

KESQ & CBS Local 2 is expecting to hear back from Mullin regarding the number of listings Saxony had when officials decided to close the residential side of their real estate group.