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  #781  
Old Posted Dec 1, 2020, 8:57 AM
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Originally Posted by maccoinnich View Post
Not quite the Lloyd, but that could be large development being discussed over in the Central Eastside thread? (Technically not the Central Eastside either, and maybe worth its own thread if it moves forward...)
I feel like that area of East Burnside really needs to be classified as its own neighborhood at this point.
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  #782  
Old Posted Dec 1, 2020, 7:35 PM
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I feel like that area of East Burnside really needs to be classified as its own neighborhood at this point.
I've heard this area referred to as LoBu (Lower Burnside) in certain trendy circles
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  #783  
Old Posted Jan 25, 2021, 12:32 AM
maccoinnich maccoinnich is online now
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Quote:
Lloyd Center on the brink as businesses depart en masse: ‘This mall is going down’

Ishmail Chorduky, the owner of Stitchworks Custom Embroidery, has operated two centrally-located kiosks at the Lloyd Center mall for almost a decade. From his post next to Lloyd Center’s iconic ice skating rink, Chorduky has witnessed the Northeast Portland mall’s rapid decline firsthand.

The mall lost Nordstrom in 2015. Sears and Marshalls then moved out in 2018. Lloyd Center’s problems only intensified last year amid the coronavirus pandemic as anchor tenants and signature businesses departed en masse.

Chorduky said he was shocked when Victoria’s Secret vacated its long-held spot across from his kiosks. Macy’s then announced in December that it would leave its 298,000-square-foot space and lay off all 83 of its Lloyd Center employees, becoming the fourth anchor store to depart in the last six years. All three floors the department store occupied on the mall’s south side are now completely empty, leaving a massive void.

Chorduky said he has asked mall management multiple times whether the center might close for good. He said he has received no response. But he no longer sees a future at the mall for his business. He is planning to leave and open a store elsewhere.

“I have been at Lloyd Center for almost 10 years, but I feel like this mall is going down,” Chorduky said.
...continues at the Oregonian (subscription required).
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  #784  
Old Posted Jan 25, 2021, 1:19 AM
CorbinWarrick CorbinWarrick is offline
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How does the mall bosses spin this ?
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  #785  
Old Posted Jan 25, 2021, 9:00 PM
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Originally Posted by CorbinWarrick View Post
How does the mall bosses spin this ?
They actually didn't really respond at all. Just that they're focused on supporting the current tenants and will have updates later.

In the article posted below behind the paywall:
Quote:
Lloyd Center management declined an interview request from The Oregonian/OregonLive, too, and would not answer questions via email about the future of the mall beyond saying that they were continuing to support current tenants and building community partnerships.

“These are challenging times for many retail businesses, but Lloyd Center is constantly identifying new ways to reimagine the mall and provide a vibrant space for Oregonians to enjoy,” said Ann Grimmer, marketing director for Lloyd Center and the mall’s owner, Cypress Equities. “We understand that our community is eagerly awaiting updates, but right now our focus remains on supporting current tenants and expanding community partnership opportunities.”
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  #786  
Old Posted Jan 26, 2021, 2:00 AM
PdX Farr PdX Farr is offline
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What are we putting the odds on this becoming the location for the baseball stadium?
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  #787  
Old Posted Jan 26, 2021, 11:32 AM
CorbinWarrick CorbinWarrick is offline
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Originally Posted by PdX Farr View Post
What are we putting the odds on this becoming the location for the baseball stadium?
Why you say that? MLB has already recently said expansion is pushed off further now that the pandemic is here..
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  #788  
Old Posted Jan 27, 2021, 4:57 AM
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^Landing a professional sports team is generally based on preparation and hope. Who'd of thunk OK would steal an NBA team from Seattle? Portland needs to have a plan to be ready to strike when the pan gets hot!

For the Lloyd Mall, I hope the city helps in a re-imagining the area. A new urban renewal district set up through Prosper Portland to re-energize dozens of inner city acres, close to a possible transit hub, is vital in keeping the inner core healthy.

A closed and abandoned Lloyd Mall would be an utter disaster for inner NE Portland.
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Last edited by MarkDaMan; Jan 27, 2021 at 5:07 AM.
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  #789  
Old Posted Jan 27, 2021, 5:38 AM
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Originally Posted by PdX Farr View Post
What are we putting the odds on this becoming the location for the baseball stadium?
I could see them working with the MLBtoPDX group to build a stadium on half the site and on the other half building a mixed used entertainment/shopping center with residential.
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  #790  
Old Posted Jan 27, 2021, 6:39 AM
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Originally Posted by urbanlife View Post
I could see them working with the MLBtoPDX group to build a stadium on half the site and on the other half building a mixed used entertainment/shopping center with residential.
I would love to see some restoration of the street grid, but an entertainment center with some apartments would be great to offset the dead zone around stadiums during non-game days.

It's unfortunate that Rose Quarter is so quiet outside of Blazer games.
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  #791  
Old Posted Jan 27, 2021, 2:38 PM
RED_PDXer RED_PDXer is offline
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I would like to see activated open air pathways through the site, but perhaps only 11th Ave restored as a full street ROW for cars, buses, and all. It would be nice to have some more unique spaces in the city with car-free areas and public plazas. This is a fantastic opportunity for the city to liven up this area.
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  #792  
Old Posted Jan 27, 2021, 4:30 PM
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Originally Posted by MarkDaMan View Post
^Landing a professional sports team is generally based on preparation and hope. Who'd of thunk OK would steal an NBA team from Seattle? Portland needs to have a plan to be ready to strike when the pan gets hot!

For the Lloyd Mall, I hope the city helps in a re-imagining the area. A new urban renewal district set up through Prosper Portland to re-energize dozens of inner city acres, close to a possible transit hub, is vital in keeping the inner core healthy.

A closed and abandoned Lloyd Mall would be an utter disaster for inner NE Portland.
This is my biggest fear. Even if the owners allow it to wallow along without any anchor tenants it will eventually turn into a blighted space. Whatever happens, it will take years, or decades, before any plans are realized.

I am beginning to be concerned with the idea of prioritizing a stadium here, too. I believe this to be the best possible site for it, but leaving a big chunk of land in the district (assuming demo of the mall) for something that MIGHT happen is a big risk.
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  #793  
Old Posted Jan 27, 2021, 5:03 PM
AdamUrbanist AdamUrbanist is offline
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Originally Posted by eric cantona View Post
This is my biggest fear. Even if the owners allow it to wallow along without any anchor tenants it will eventually turn into a blighted space. Whatever happens, it will take years, or decades, before any plans are realized.

I am beginning to be concerned with the idea of prioritizing a stadium here, too. I believe this to be the best possible site for it, but leaving a big chunk of land in the district (assuming demo of the mall) for something that MIGHT happen is a big risk.
A stadium would be great in this location, but one of the (often under-appreciated) things that makes mega projects work, is all the small scale investment that precedes them. In my view this is why the AAT projects in the area have struggled. We need entrepreneurs to open interesting businesses in the neighborhood, a good food cart pod, a few scrappy wood frame housing projects, etc. You need a baseline level of vitality in the surrounding neighborhood for a mega project to be successful. So far at least the Lloyd district doesn't have this.

Last edited by AdamUrbanist; Jan 27, 2021 at 5:13 PM.
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  #794  
Old Posted Jan 27, 2021, 11:52 PM
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Rose Quarter/OCC/Hotels Zone/Lloyd Center

Since the days of placing the possible MLB Stadium at the PPS site I have been following this from afar (spent time helping the MLBtoPDX group(2003?)). I don't like the westside stadium on the river because of the lack of transit.

Now if we can work toward a placement of the MLB Stadium on the central or eastern side of the Lloyd Center(LC) site we could see a Rose Quarter to LC entertainment zone that could support events at all three major venues. Hotels/Condos/Apartments could be zoned for the areas around the three venues. Restaurants/Grocery Stores/Coffee Shops/Nike Stores everywhere on the first or top floors. And lots of parks for those people who could care less about conventions/sports/concerts.

I sure like the idea of making most of the streets narrow or non-auto corridors. Grid pattern blocks could be just a little larger than downtown. Increases the possibility for taller buildings (would bring in more developers). Portland's tallest will be at LC and entertainment will be the magnet in the creation of Portland second downtown. A 5,000 seat concert venue is also possible (I think it was talked about inside the Lloyd Center???).

Someone working that zone could have work every day and night of the week.

EastsideView
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  #795  
Old Posted Jan 28, 2021, 12:13 AM
CorbinWarrick CorbinWarrick is offline
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Originally Posted by EastsideView View Post
Since the days of placing the possible MLB Stadium at the PPS site I have been following this from afar (spent time helping the MLBtoPDX group(2003?)). I don't like the westside stadium on the river because of the lack of transit.

Now if we can work toward a placement of the MLB Stadium on the central or eastern side of the Lloyd Center(LC) site we could see a Rose Quarter to LC entertainment zone that could support events at all three major venues. Hotels/Condos/Apartments could be zoned for the areas around the three venues. Restaurants/Grocery Stores/Coffee Shops/Nike Stores everywhere on the first or top floors. And lots of parks for those people who could care less about conventions/sports/concerts.

I sure like the idea of making most of the streets narrow or non-auto corridors. Grid pattern blocks could be just a little larger than downtown. Increases the possibility for taller buildings (would bring in more developers). Portland's tallest will be at LC and entertainment will be the magnet in the creation of Portland second downtown. A 5,000 seat concert venue is also possible (I think it was talked about inside the Lloyd Center???).

Someone working that zone could have work every day and night of the week.

EastsideView

I think this is whats going to happen. There’s rumors the Lloyd Center management folks stopped all the progress they were going to make (Livenation, new movie theater, etc) bc they got word of the interest on the site.

I don’t think it’s a coincidence while Portland was experiencing a boom all that progress just stops. Mind you this stopped well before the pandemic.
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  #796  
Old Posted Jan 28, 2021, 6:51 AM
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Originally Posted by AdamNorthwest View Post
I would love to see some restoration of the street grid, but an entertainment center with some apartments would be great to offset the dead zone around stadiums during non-game days.

It's unfortunate that Rose Quarter is so quiet outside of Blazer games.
My hope with the Rose Quarter is that someday we will get a transit or light rail tunnel under the Willamette that will connect to a huge underground station at the Rose Quarter that hooks up to a high speed rail line that would turn that area into a massive transportation hub.

Quote:
Originally Posted by AdamUrbanist View Post
A stadium would be great in this location, but one of the (often under-appreciated) things that makes mega projects work, is all the small scale investment that precedes them. In my view this is why the AAT projects in the area have struggled. We need entrepreneurs to open interesting businesses in the neighborhood, a good food cart pod, a few scrappy wood frame housing projects, etc. You need a baseline level of vitality in the surrounding neighborhood for a mega project to be successful. So far at least the Lloyd district doesn't have this.
With the Lloyd District, you sort of have this small business, smaller buildings style along NE Broadway, but the Lloyd Center really cuts off that area from the rest of the district. Plus it doesn't help that a couple companies own much of the land in the Lloyd District, which makes it much harder for smaller projects to happen.


Added: I just realized I am commenting to two different Adams.
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  #797  
Old Posted Nov 1, 2021, 8:02 PM
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Paywall Warning
https://news.bloomberglaw.com/bankru...0-million-loan

Quote:
KKR Plans to Seize Portland, Oregon, Mall With $110 Million Loan
Oct. 26, 2021, 11:48 AM

KKR Plans to Seize Portland, Oregon, Mall With $110 Million Loan
Oct. 26, 2021, 11:48 AM

-Firm’s property-lending arm set aside $40.3 million for loss
-Malls continue to struggle even as shoppers start to return

KKR & Co.’s real estate lending arm plans to repossess a shopping mall in Portland, Oregon, that’s struggling under $110 million of debt.

“We intend to foreclose and to take ownership of the asset, enabling us to optimize value over the near and medium term,” Patrick Mattson, president and chief operating officer of KKR Real Estate Finance Trust Inc., said during a conference call with investors Tuesday.

The loan on the Lloyd Center, once Portland’s largest mall, was originated in 2015 and put on non-accrual status last October, with a $40.3 million credit loss, according to a ...
...(continues behind paywall)
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  #798  
Old Posted Nov 1, 2021, 8:31 PM
CorbinWarrick CorbinWarrick is offline
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Yikes what a mess Lloyd Center Mall has become. They really were on to a great idea with the music venue, bowling ally entertainment like Punch Bowl, high end movie theater setup, sad they abandoned that idea
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  #799  
Old Posted Nov 1, 2021, 8:46 PM
maccoinnich maccoinnich is online now
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From a KKR Earnings Call transcript, via Seeking Alpha:

Quote:
With respect to certain loans, we are seeing improving trends in select properties, which may lead to positive credit momentum in other assets. As we’ve discussed on previous calls, we are nearing the next phase on our Portland Retail loan. We intend to foreclose and to take ownership of the asset, enabling us to optimize value over the near and medium-term. With our scaled and integrated U.S. real estate platform, we have the capabilities, relationships, and partners to execute this business plan to stabilize the property and optimize value for disposition at a future date.

Upon taking title, which is targeted for the fourth quarter, we will begin to prepare for a comprehensive redevelopment of the site, which we expect will include multiple uses, including residential and creative offices. We expect a more fulsome update on our next earnings call. We still feel our $40 million CECL reserve is appropriate and therefore expect little impact to GAAP earnings and book value. However, upon foreclosure, we will recognize a loss through our cash metric of distributable earnings. This quarter, we received approximately $935 million of repayments.
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  #800  
Old Posted Nov 1, 2021, 8:48 PM
CorbinWarrick CorbinWarrick is offline
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Oh wow looks like these lenders are ready for a new era for this mall. I see them bulldozing it and perhaps going down the real estate path for it
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