Lloyd Center renovation: Brokers shy away from 'traditional' tenants, lean toward yoga studios, pubs (original) (raw)
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When the $50 million, 18-month Lloyd Center remodel reaches completion, real estate brokers from New & Neville are hoping an updated mix of tenants and a neighborhood-friendly vibe will complement the mall's new look.
At the moment, national and international chains like Forever 21, Sunglass Hut, Vitamin World and Auntie Anne's Pretzels dominate the 55-year-old shopping center's roster, and local retailers are few and far between. But the Portland-based brokerage is looking to change that with the addition of boutiques, restaurants, brewpubs, exercise studios and possibly a grocery store or a farmers market.
New & Neville was hired by the mall's owner, Cypress Equities, to fill vacant spaces with new tenants.
Though no tenants have yet been finalized, Steven Neville and Natalie Butler of New & Neville said they're dedicated to bringing in more local retailers and restaurants. They think this influx of local businesses, along with the physical makeover, will give the mall the boost it so desperately needs.
"It's at the heart of the community, but there's a negative perception," Butler said. "People want it so badly to succeed."
A diverse mix
The Lloyd Center, surrounded by development and construction, as well as large parking lots prime for more high-rises, is on the verge of realizing a new identity.
According to Cypress, about 35,000 people work within one mile of the mall, and about 23,000 live within that range.
And with multifamily housing going in at Hassalo on Eighth and other nearby mixed-use buildings still in the planning phase, the district could see an influx of more than 1,000 residents in the next few years.
Neville said the mall is situated to attract an uncommonly diverse group of people: those who work nearby, residents of area single-family homes, new apartment residents and those staying in hotels near the convention center.
This mix of potential customers can support a more diverse set of tenants that open during the day and in the evenings, like yoga studios and local restaurants, in addition to national retailers, he said.
"We're not looking for traditional mall tenants," Butler said. "We don't want a traditional run-of-the-mill mall mix. [What we want are] not just places you go every month, but every week or every day."
Big-box to boutique
This shift in the culture of the mall means that the huge spaces once occupied by Nordstrom and the Regal 8 cinema will likely not be replaced by single tenants.
The movie theater in the Lloyd Center, which was scheduled to close by the end of January, will soon be home to creative (meaning open) office space.
And the fate of the 150,000 square-foot building formerly occupied by Nordstrom is unclear. The building will probably be home to a mix of local, regional and national tenants, the brokers said.
In addition to new store formats, the mall will also sport a new look as the remodel gets underway. Renovation plans include a spiral staircase, added storefronts on the new main entrance on Multnomah Street and a slightly smaller ice rink.
Major construction is scheduled to begin in mid-March.
-- Anna Marum
amarum@oregonian.com
503-294-5911
@annamarum
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