The protestors gathered in front of City Hall carrying banners reading and later rallied through downtown Belgrade.
Several thousand people protested Wednesday in Belgrade demanding the mayor's resignation and protesting alleged graft and violence linked to a project financed by a UAE-based firm.
Authorities say the $3-billion (2.8-billion-euro) deal with an Abu Dhabi-based developer will transform part of the Serbian capital into an upscale housing and shopping complex.
But protest organisers blame the mayor for failing to identify mysterious masked men responsible for the overnight demolition of several buildings in Belgrade's Savamala nightlife district last April.
"Sinisa Mali can no longer be the Belgrade mayor," said a protest spokesman.
"Citizens are no longer willing to accept manipulation and use of public office for the benefit of shady deals and criminal activities,"Andrija Stojanovic of the "Don't Drown Belgrade" protest told Beta news agency.
The protestors gathered in front of City Hall carrying banners reading "Free the city' and later rallied through downtown Belgrade towards the state prosecutors' office.
The agreement signed with developer Eagle Hills, based in the United Arab Emirates (UAE) capital, aims to turn parts of Savamala and surrounding areas into nearly two million square metres (21.5 million square feet) of malls, offices and apartment blocks.
The centrepiece of the project is a 200-metre tall Dubai-style tower.
Supporters of the project say it will regenerate a rundown area, while critics allege a lack of transparency and public consultation, fearing the development will be of little benefit to most Serbian citizens.
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