Portland, OR – Lloyd Center ownership announced today that the mall will officially close to the public on August 8, 2026, marking a key milestone in the transition from a largely vacant retail property to a new mixed-use neighborhood in the heart of Portland. The redevelopment of Lloyd Center will include thousands of new housing units, six acres of open space, and improved connections with surrounding neighborhoods.
Remaining tenants were notified directly in advance of this public announcement and will have till August 31 to complete their operations at the mall. However, Jumbo’s Pickleball, Trackers Earth and the Regal Cinemas will remain open.
“This is a necessary step toward delivering a new future for this site and for Portland,” said Tom Kilbane, the managing director of URG. “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.”
Last week, two small groups appealed the unanimous approval of the Lloyd Center Central City Master Plan (CCMP) to Portland City Council. The closure has been in the planning process for months and is completely separate from the appeal process.
News coverage on mall closure:
Ownership emphasized that the closure has been long anticipated and that efforts are underway to support tenants through the transition:
Lloyd Center today spans approximately 20-city blocks, or 1.2 million square feet and is now more than 90% vacant, reflecting broader shifts in retail and the ongoing challenges facing Portland’s central city.
Maintaining the status quo is not an economically or environmentally sustainable option and would prevent meaningful reinvestment in the site.
The closure clears the way for redevelopment of the property into a new urban neighborhood designed to meet Portland’s current and future needs:
The Lloyd Center redevelopment is expected to align with and complement other major projects across the Central City, including OMSI, the Broadway Corridor, and the Albina Vision.
The mall owners stressed that this transition represents more than the end of a mall, it is an opportunity to reposition a critical piece of Portland’s urban core.
“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.”
Urban Renaissance Group, LLC is a Seattle-based full-service commercial real estate firm, engaged in acquisitions, development, asset management, leasing, property management, and ownership in Seattle, Bellevue, and Portland. Since its founding in 2006, Urban Renaissance Group (URG) has leveraged its deep knowledge of local markets and the efficiencies of a vertically integrated approach to drive operations and deliver results for its partners. URG’s mission is to create places that inspire and connect, acting as stewards of the built environment to meet the needs of the community both today and in the future. Learn more at www.urbanrengroup.com.
