Lloyd District News

[eric cantona]

Originally Posted by MNTimberjack

I'm afraid of "compromise" on this project where the apartments wrap along 13th, but then are lower in height.

underground the parking and have the housing wrap the exterior with a nice courtyard in the middle.

[pdxsg34]

With regard to other Lloyd-area projects, anyone have an update on these?

Oregon Square - No action since Dec '20. Seems AAT keeps pushing this one out.
9-story office addition at 100 NE Multnomah - Garage got built, but nothing on the permit review since early last year.

Could be that they are taking their time with the office market in flux or just slow movers.

[PhillyPDX]

I think the wework is done. And they are actively working on the building opposite the courtyard, I forget what that is. Unfortunately the small but convenient farmers market closed.

As for the 9-lives mall. It prob survived due to Macys and Marshall’s. Then they foreclosed on a $177M loan, then covid hit. My wife started to go to LensCrafters there last year, says it’s pretty much the ice rink and LensCrafters. Hardly enough to warrant a place that 10 years ago got a $177M loan. Something will have to give, and soon I suspect.

I’m not a developer, but if I was, I’d kick the tires on reuse (like they publicly stated they are), see how covid/WFH plays out, and then plan for something big. Meanwhile pearl and slabtown get filled out, and suddenly Lloyd is the next big close-in area to develop. Couple that with the nearby booming central eastside and new 7th Ave bridge. Someone is sitting on a gold mine. Nestled between the hip eastside, tony Irvington, and on transit.

[2oh1]

Originally Posted by eric cantona

underground the parking and have the housing wrap the exterior with a nice courtyard in the middle.

My thought was, build it 4 stories tall (or higher, hopefully) with apartments on all 4 sides of the superblock, facing out. None facing in. Instead, fill the entire inside of the building with parking and whatever else Home Depot needs for storage, etc.

[MarkDaMan]

Originally Posted by 2oh1

My thought was, build it 4 stories tall (or higher, hopefully) with apartments on all 4 sides of the superblock, facing out. None facing in. Instead, fill the entire inside of the building with parking and whatever else Home Depot needs for storage, etc.

Well if we're just spitballing here, 4 point towers with the Home Depot and parking in the basement with skylights into the store from the inevitable courtyard between the towers.

I can't easily find the height limits and FAR for this block. Does anyone know off the top of their head?

[maccoinnich]

Originally Posted by MarkDaMan

I can't easily find the height limits and FAR for this block. Does anyone know off the top of their head?

9:1 FAR per Map 510-2 (plus another 3:1, I think, for 12:1 total).

225’ including bonus height per Map 510-4.

Suffice to say this proposal would be a dramatic underbuild of the site.

[CorbinWarrick]

Originally Posted by PhillyPDX

I think the wework is done. And they are actively working on the building opposite the courtyard, I forget what that is. Unfortunately the small but convenient farmers market closed.

As for the 9-lives mall. It prob survived due to Macys and Marshall’s. Then they foreclosed on a $177M loan, then covid hit. My wife started to go to LensCrafters there last year, says it’s pretty much the ice rink and LensCrafters. Hardly enough to warrant a place that 10 years ago got a $177M loan. Something will have to give, and soon I suspect.

I’m not a developer, but if I was, I’d kick the tires on reuse (like they publicly stated they are), see how covid/WFH plays out, and then plan for something big. Meanwhile pearl and slabtown get filled out, and suddenly Lloyd is the next big close-in area to develop. Couple that with the nearby booming central eastside and new 7th Ave bridge. Someone is sitting on a gold mine. Nestled between the hip eastside, tony Irvington, and on transit.

I wonder if AAT would consider going back to their original ideas. With the bridge now done I don’t see how they don’t realize Portland needs more housing. Do they not think it wouldn’t fill up with residents?

[MarkDaMan]

Originally Posted by CorbinWarrick

I wonder if AAT would consider going back to their original ideas. With the bridge now done I don’t see how they don’t realize Portland needs more housing. Do they not think it wouldn’t fill up with residents?

If you dig into AAT's financial reporting, they are mostly an office and retail developer. They only have ~2,100 apartment units in total, 657 of those in the Lloyd, which comprises only 17% of their portfolio. They don't currently show any housing in their construction pipeline. Lastly, this was their inspiring rendering for Oregon Square for an investor presentation in June:



AAT also seems significantly risk adverse. They may not be the right developer for their significant holdings in the Lloyd.

[MarkDaMan]

Originally Posted by maccoinnich

9:1 FAR per Map 510-2 (plus another 3:1, I think, for 12:1 total).

225’ including bonus height per Map 510-4.

Suffice to say this proposal would be a dramatic underbuild of the site.

Thanks!

[maccoinnich]

Originally Posted by pdxsg34

With regard to other Lloyd-area projects, anyone have an update on these?

Oregon Square - No action since Dec '20. Seems AAT keeps pushing this one out.
9-story office addition at 100 NE Multnomah - Garage got built, but nothing on the permit review since early last year.

Could be that they are taking their time with the office market in flux or just slow movers.

The 100 Multnomah project is almost certainly dead. It was probably submitted under the 2014 building code, and BDS is mandating that projects under that code need to be at "Approved to Issue" status by October or their permits will expire. While there's been permitting activity on other projects in the same situation (the Press Blocks tower, for example), there's nothing on 100 Multnomah and it's probably too close to the deadline now for revisions to be reviewed.

Originally Posted by MarkDaMan

If you dig into AAT's financial reporting, they are mostly an office and retail developer. They only have ~2,100 apartment units in total, 657 of those in the Lloyd, which comprises only 17% of their portfolio. They don't currently show any housing in their construction pipeline. Lastly, this was their inspiring rendering for Oregon Square for an investor presentation in June:



AAT also seems significantly risk adverse. They may not be the right developer for their significant holdings in the Lloyd.

It's a shame - I really really liked the first iteration of the Oregon Square proposal. The timing on the pivot to office was really unfortunate, and at this point I can't imagine new office product breaking ground in central Portland any time soon. Residential, on the other hand, would really help the Lloyd... but even to go back to a previous scheme would now require a new design review application, subject to the current zoning code.

[MarkDaMan]

Originally Posted by maccoinnich

It's a shame - I really really liked the first iteration of the Oregon Square proposal. The timing on the pivot to office was really unfortunate, and at this point I can't imagine new office product breaking ground in central Portland any time soon. Residential, on the other hand, would really help the Lloyd... but even to go back to a previous scheme would now require a new design review application, subject to the current zoning code.

And time is not...: https://www.americanassetstrust.com/company

Anyway...

[maccoinnich]

Notice of a Pre-Application Conference for the Home Depot

[CorbinWarrick]

So is the movie theater going to still be there?

[maccoinnich]

Yes - the site is just the former parking lot

With that said... I'll be very surprised if this proposal advances, at least in any form resembling what's in the preapp documents.

[CorbinWarrick]

Originally Posted by maccoinnich

Yes - the site is just the former parking lot

With that said... I'll be very surprised if this proposal advances, at least in any form resembling what's in the preapp documents.

Thanks Macc.. god I hope this doesn’t go thru whatsoever. This is such a suburban plan it’s crazy

[uncommon.name]

Originally Posted by CorbinWarrick

Thanks Macc.. god I hope this doesn’t go thru whatsoever. This is such a suburban plan it’s crazy

There is waaaayyyy too much potential for the Lloyd District's future to see something like this go through. The City needs to think about what the Lloyd District will look like in the next 10+ years with a development like this potentially happening.

[CorbinWarrick]

Originally Posted by uncommon.name

There is waaaayyyy too much potential for the Lloyd District's future to see something like this go through. The City needs to think about what the Lloyd District will look like in the next 10+ years with a development like this potentially happening.

Exactly. This is beyond crazy putting a big box store on that site. Go across the street to the macys for godsakes. That euro style development plan from a few years ago what’s needed for that site..

[pdxsg34]

To me, it seems like the owners are trying to squeeze as many dollars out of a development as possible without regard for functionality and suitability. The Live Nation failed, then the new movie theater, then the Bowlero... now this. My hope is the Lloyd Center gets new owners, ideally local. These owners, and AAT for the Oregon Square, are on track to misuse their opportunities for short term benefits, rather than the long game. I hope the city slaps this proposal away as fast as the negative feedback for this proposal was posted on here.

[CorbinWarrick]

Yup they almost had it. The Live Nation, the Bowlero where Marshalls was. Then the new state of the art movie theaters where Sears use to be on top of the euro looking development on the parking lot. Wow they really did almost have something of a huge draw for the area.

[maccoinnich]

My understanding is that the Lloyd Center and the Lloyd Cinemas parking lot are in completely different ownership.