Augusto Beato, CEO of Portland SEO, lauded the high-density housing construction on the site of the Regal Lloyd Center 10 movie theater for helping manage the high cost of rent in the area.
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"The construction project is expected to push down the average monthly rent for a one-bedroom apartment in Lloyd District, which costs $1501 as of January 2018," shared Beato.
The Lloyd District, where the site of the Regal Lloyd Center 10 is located, has the 11th most expensive rent in Portland's 42 neighborhoods.
There will be 1,366 apartments that will rise on the theater site at 1510 N.E. Multnomah St. in Portland plus 72,000 square feet of retail space, 800 auto parking spaces, as well as bicycle parking.
Developers are obtaining a building permit for the first phase of construction on what's now the theater's parking lot.
Construction on the second phase, which includes the theater site and a surface parking lot across the Multnomah Street, will mark the end of the 10-screen movie theater. But mall officials say a new 14screen theater built in the mall's former Sears space will be finished first.
Lloyd Center officials confirmed that Regal would operate the new theater, which would include recliners in the auditoriums, a bar and lobby dining options.
The new Lloyd Center theater would be built in the remodeled third level of the former Sears, while the first and second floors would be divided up for use by retail or office tenants.
The replacement theater project, which is still in the initial stages of the permitting process, is expected to be completed by 2019.
The Regal Lloyd Center 10 was built in 1987.
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