The owners of Lloyd Center, Urban Renaissance Group (URG) and KKR Real Estate Finance Trust (KREF), revealed the first look at a conceptual master plan, which envisions positioning the 29.3-acre Lloyd Center site in Portland, Oregon, as a diverse, connected neighborhood with housing, retail, restaurants, entertainment venues, workspace and large open community spaces.
The conceptual master plan is the result of extensive market research, design study and community input over two years. It has been submitted in an application for a Design Advice Request (DAR) meeting with the City of Portland’s Design Commission through the Bureau of Development Services and will be followed by formal Central City Master Plan land use application.
“This is an important step in a conversation with Portlanders about how this incredible site can evolve to become more relevant and thriving — a neighborhood for all Portlanders — for decades to come,” said Tom Kilbane of URG. “While we are still early in the process, we believe this initial master plan demonstrates the incredible potential to create an inclusive, sustainable and vibrant experience that will play a major part in this city’s next chapter.”
The master plan envisions transforming the current inward-facing 1960s era mall and surrounding parking lots into a mixed-use neighborhood that builds on Lloyd Center’s long history as an active, lifestyle-oriented regional destination. The reimagined layout will be opened up to the surrounding communities by connecting into Portland’s street grid with significantly improved transportation networks for bikes, pedestrians, and cars.
The conceptual design contemplates thousands of new residences tailored toward a range of income levels, as well as an array of active and experiential retail uses, including restaurants and entertainment venues. The plan also envisions the opportunity for a large commercial office campus environment and a significant amount of outdoor open/amenity space, parking for residents and visitors and the continuing presence of an ice-skating rink.
URG and KREF have assembled a team of local and national firms to support the property’s revitalization. Lloyd Center will remain open for business throughout the proposed planning and long-term phased redevelopment process. URG and KREF have been owners of Lloyd Center since December 2021 and continue to support the existing mall’s rejuvenation as a gathering place for local businesses and community events.
Conceptual rendering of Lloyd Center property (Credit: ZGF and Field Operations)
