Urban Renaissance Group to Close Lloyd Center Mall August 8, 2026, Paving Way for Portland Mixed-Use Redevelopment
PORTLAND, Ore. — Urban Renaissance Group has announced that Lloyd Center Mall will close to the public on August 8, 2026, setting the stage for a large-scale real estate development that would transform the largely vacant retail property into a mixed-use urban neighborhood in Portland's central city.
The Seattle-based commercial real estate firm manages the property in partnership with KKR. The 1.2-million-square-foot property, located at 2201 Lloyd Center and spanning approximately 20 city blocks, is now more than 90% vacant.
"This is a necessary step toward delivering a new future for this site and for Portland," said Tom Kilbane, managing director of Urban Renaissance Group. "We recognize the history of Lloyd Center and appreciate the tenants who've operated here over the last few years. At the same time, the reality is the mall is no longer viable in its current form. As a city, we can't afford to get stuck in the past, Portland needs this momentum for a more vibrant future."
Closure Timeline and Remaining Tenants
Remaining tenants were notified directly ahead of the public announcement and will have until August 31, 2026, to complete their operations at the mall. Three tenants — Jumbo's Pickleball, Trackers Earth, and Regal Cinemas — will remain open beyond the general closure date, according to the announcement.
Urban Renaissance Group said the closure has been anticipated for some time and that efforts are underway to support displaced tenants through the transition. The firm said it is working with Prosper Portland and the Lloyd Enhanced Service District to help businesses find alternative locations. The company noted that Portland currently faces record-high office and storefront vacancy rates, which it said creates viable relocation opportunities for many of the mall's remaining operators.
Redevelopment Plans
The planned redevelopment would convert the site into a new urban neighborhood featuring thousands of new housing units, more than six acres of public open space, and improved connections to surrounding neighborhoods. The project is also expected to generate new economic activity and jobs, according to the firm.
The redevelopment aligns with Portland's Lloyd Center Central City Master Plan, which received unanimous approval but is currently under appeal by two small groups who brought their challenge to Portland City Council. Urban Renaissance Group said the closure process has been underway for months and is proceeding independently of the appeal.
The Lloyd Center redevelopment is expected to complement other major projects across Portland's central city, including the OMSI development, the Broadway Corridor, and the Albina Vision initiative.
Property Background
Lloyd Center, originally constructed in 1963, spans approximately 1.2 million square feet across roughly 20 city blocks. Occupancy has fallen to below 10%. Urban Renaissance Group said maintaining the status quo would prevent meaningful reinvestment in the site and delay the delivery of housing units.
"Portland needs projects that move the city forward," Kilbane said. "This site has the potential to become a centerpiece of the city's next chapter, delivering housing, investment, and energy where it's needed most."
About Urban Renaissance Group
Urban Renaissance Group is a Seattle-based full-service commercial real estate firm engaged in acquisitions, development, asset management, leasing, and property management across Seattle, Bellevue, and Portland. Founded in 2006, the firm operates with a vertically integrated approach.
Sources: Urban Renaissance Group Press Release, April 16, 2026