Posted Nov 3, 2023, 8:04 PM
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Moderator
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Join Date: Jan 2009
Location: Portland
Posts: 7,417
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Quote:
Big changes in store for prominent Portland property
The Portland Design Commission on Thursday got its first look at the 29.3-acre redevelopment plan for transforming the Lloyd Center into a high-density, mixed-use neighborhood.
The project team’s aim is to reimagine the property that currently holds an inward-facing, auto-centric mall so that it becomes a regional destination. This transformation will involve incorporating housing, retail shops, office spaces and restaurants – all interconnected via plazas, parks and open spaces.
“We see this as an amazing opportunity to completely remake a large part of the Lloyd District,” said Tom Kilbane, managing director at Urban Renaissance Group (URG). “It’s not often that you get a chance to reimagine 30 acres of prime real estate in a big city.”
The project team includes owners URG of Seattle and KKR Real Estate Finance Trust (KREF) of New York; master planner ZGF; landscape architect and urban designer Field Operations of New York; civil engineer DOWL and structural engineer KPFF.
URG and KREF have owned the Lloyd Center since December 2021. The mall, which opened in the summer of 1960 as a 1.2 million-square-foot shopping center with approximately 100 stores, over the years has gone through multiple renovations, including enclosure of formerly open-air space via a glass ceiling and the addition of a third level.
However, like many other enclosed malls in the U.S., the Lloyd Center saw major tenants begin to depart. Then, during the COVID-19 pandemic, in January 2021, the mall’s last remaining department store, Macy’s, closed. The mall was in foreclosure when URG and KREF took over.
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