The development is set to comprise retail and community spaces. Credit: ZGF/Field Operations/Lloyd Center/Business Wire.

American developer Urban Renaissance Group (URG) has revealed its plans for Lloyd Center, a mixed-use development project in Portland, Oregon, US.

This 29.3-acre project will encompass residential units, restaurants, retail spaces, workspaces, entertainment areas, and open community spaces.

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The company has filed a Design Advice Request meeting application with Portland’s Design Commission, following which the formal Central City Master Plan land use application will be submitted.

URG managing director Tom Kilbane said: “This is an important step in a conversation with Portlanders about how this incredible site can evolve to become more relevant and thriving – a neighbourhood for all Portlanders – for decades to come.

“While we are still early in the process, we believe this initial master plan demonstrates the incredible potential to create an inclusive, sustainable, and vibrant experience that will play a major part in this city’s next chapter.”

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This master plan anticipates converting Lloyd Center’s present inward-facing 1960s-era shopping centre and adjacent car parks into a mixed-use neighbourhood.

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The owners of Lloyd Center, URG, and KKR Real Estate Finance Trust have together assembled a team of renowned local and national companies to support the property’s revitalisation.

ZGF will serve as the lead master planner on the project while architect Field Operations will work on its design.

Lloyd Center will continue to remain operational during the scheduled long-term phased construction process.

Since acquiring ownership of the site, the Lloyd Center team has awarded 32 new contracts and renewed more than 90% of the centre’s current tenants.