{"id":1004682233,"date":"2023-09-25T03:31:25","date_gmt":"2023-09-25T11:31:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004682233"},"modified":"2023-09-25T05:27:03","modified_gmt":"2023-09-25T13:27:03","slug":"urg-kref-move-forward-with-1b-portland-mixed-use-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/urg-kref-move-forward-with-1b-portland-mixed-use-project\/","title":{"rendered":"$1B Portland Mixed-Use Project Moves Forward"},"content":{"rendered":"
\"A<\/a>

A Portland landmark, Lloyd Center will be transformed into a mixed-use complex. Image courtesy of ZGF and Field Operations<\/em><\/p><\/div>\n

The redevelopment of Lloyd Center, a 1.2 million-square-foot mall in Portland, Ore., moves forward. The owners, Urban Renaissance Group<\/strong> and KKR Real Estate Finance Trust<\/strong>, have revealed the conceptual master plan that will transform the retail asset into a mixed-use property.<\/p>\n

According to KGW8<\/em>, plans for the reimagined property\u2014estimated to cost around $1 billion\u2014could include the demolition of parts of the mall, followed by the development of as many as 5,000 residential units, a restaurant and other entertainment venues and experiential retail, alongside a commercial office campus, in a years-long process.<\/p>\n

\n

READ ALSO:<\/strong> Real Estate Market Sentiment Improves<\/a><\/p>\n

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The redevelopment also calls for connecting the city\u2019s street grid with improved transportation networks for cars, bikes and pedestrians<\/a>, as well as maintaining the mall\u2019s ice-skating rink. Located at 2201 Lloyd Center, the property is across Holladay Park and less than 2 miles from downtown Portland.<\/p>\n

URG and KREF have owned Lloyd Center since December 2021. In October that year, KREF announced it will foreclose on the outstanding balance of a $117 million loan it provided to EB Arrow<\/strong> for the mall in 2015, a loan that had been in non-accrual status since October 2020. A transfer of ownership followed.<\/p>\n

EB Arrow had purchased the asset in 2013 for $148 million, according to CommercialEdge data. OPB<\/em> reported that in the following years, several tenant anchors closed their stores, including Sears, Nordstrom and Macy\u2019s.<\/p>\n

Over the past two years, however, the property\u2019s roster has expanded with 32 new leases and 90 percent of the existing tenants have renewed their commitments, bringing the total to 120 tenants. Trackers Earth and Joe Brown\u2019s Carmel Corn are among the businesses taking space at the mall. The developers are planning to keep the mall open during the renovation process.<\/p>\n

Revitalizing a Portland landmark<\/h2>\n

Lloyd Center first opened in 1960 and later in 1990 was remodeled and covered. URG and KREF now have submitted an application for a DAR meeting with the City\u2019s Design Commission which will then be followed by a formal Central City master Plan land use application.<\/p>\n

The development team includes ZGF<\/strong>, serving as lead master planner, together with architectural and urban design firm Field Operations<\/strong>. DOWL<\/strong> (civil engineering), KPFF<\/strong> (structural engineering), DKS Associates<\/strong> (transportation engineering) and Radler White Parks & Alexander LLP<\/strong> (land use counsel) are also on board.<\/p>\n","protected":false},"excerpt":{"rendered":"

This vintage mall\u2019s redevelopment calls for an office campus and a multifamily component.<\/p>\n","protected":false},"author":2829,"featured_media":1004682234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21752,21742,28440,21749,15],"tags":[49591,39510,37259,35356],"class_list":["post-1004682233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-mixed-use","category-latest","category-portland","category-retail","category-west","tag-kkr-real-estate-finance-trust","tag-kpff","tag-urban-renaissance-group","tag-zgf-architects"],"acf":[],"yoast_head":"\n$1B Portland Mixed-Use Project Moves Forward - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Urban Renaissance Group and KKR Real Estate Finance Trust have unveiled plans for the redevelopment of Lloyd Center mall in Portland, Ore.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/urg-kref-move-forward-with-1b-portland-mixed-use-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$1B Portland Mixed-Use Project Moves Forward\" \/>\n<meta property=\"og:description\" content=\"Urban Renaissance Group and KKR Real Estate Finance Trust have unveiled plans for the redevelopment of Lloyd Center mall in Portland, Ore.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/urg-kref-move-forward-with-1b-portland-mixed-use-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-25T11:31:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-25T13:27:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/Lloyd-Center.-Image-courtesy-of-ZGF-and-Field-Operations--e1695635210858.jpg?w=824\" \/>\n\t<meta property=\"og:image:width\" content=\"824\" \/>\n\t<meta property=\"og:image:height\" content=\"618\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/urg-kref-move-forward-with-1b-portland-mixed-use-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/urg-kref-move-forward-with-1b-portland-mixed-use-project\/\",\"name\":\"$1B Portland Mixed-Use Project Moves Forward - 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