Lloyd Center management company Cypress Equities will launch a major redevelopment of the historic old shopping center near downtown Portland, with a new pedestrian gateway, refreshed entrance points and a top-to-bottom facelift of the interior and exterior to modernize what was the largest mall in the country it opened in 1960.
Dallas-based Cypress Equities Investment Management acquired the 1.47 million-square-foot mall from Blackstone Group and Glimcher Realty Trust in 2013 for about $148 million and will begin the $50 million renovation with construction of the exterior as early as this fall, with most interior projects launched after the 2014 holiday shopping season.
"Lloyd Center’s comprehensive remodel will feature stunning interior updates plus a unique and modern facade, creating a more energetic and inviting shopping experience," says Chris Maguire, chief executive officer of Cypress Equities. "Our company is pleased to be contributing to the overall renaissance of the Lloyd District."
The company previously announced it will build a new gateway pedestrian entrance on NE Multnomah Street across from Holladay Park and the light rail station. Just inside will be a grand spiral staircase spanning the three levels of the shopping center, rolling the design back to original iconic staircase connecting the second and third levels until 1989.
The renovation plans also call for updating existing entryways, including the center’s northern entrance on Halsey Street, common area entrances between Marshalls and ULTA Beauty on the shopping center’s northeast corner, and the southeast corner mall entrance near Sears.
New LED lighting and flooring, upgraded heating and cooling expected to reduce energy use by 25% to 30%, and a renovated food court will round out the project.