New co-owner to redevelop East Portland's Lloyd Center mall
Lloyd Center Management announced Monday new owners and a new operator will be taking over the mall.
Urban Renaissance Group has partnered with KKR Real Estate to begin redeveloping plans for the site.
URG is a full-service real estate company with offices in Portland, Seattle and Denver. The company specializes in reimagining, developing and managing commercial real estate and has previously worked on the Canvas office building next to Providence Park and the renovation of the former Oregonian newspaper headquarters.
A press release issued Monday morning said the Lloyd Center and its approximately 100 shops and businesses will remain fully open under the new ownership.
"This is an amazing opportunity to invest in the heart of our city and we believe there is great potential for this uniquely situated property," Tom Kilbane, URG's Portland managing director, said in a statement. "We know many Oregonians have fond memories of Lloyd Center and we take seriously our responsibility for making sure it continues to be a community gathering place."
Kilbane said UGR's goal is to preserve features of the property that make it special, including retail, creative work spaces and ice skating.
It was previously reported the mall was being foreclosed due to the previous owners missing payments for a 2015 renovation plan.
KKR Real Estate Finance Trust said in November they planned to take ownership of the mall by the end of 2021 and were seeking partners to assist in redevelopment plans.
The company said they're seeking the public's opinions to determine what's in store for the mall.
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