“District” No More: Portland’s New Neighborhood
Lloyd District: A place where Portland goes to shop or attend events, with plenty of hotel rooms for out-of-town visitors. Does anybody actually live here?
The answer is yes — according to the most recent census estimates, just over 2,000 people do. And they’re tired of being labeled a “commercial district”. Last year, a coalition of community groups announced that the neighborhood just across the river from the Pearl District would like to be known simply as Lloyd.
The rebranding is a sign of bigger changes happening in Central Portland, with an emphasis not only on high-quality commercial and infrastructure development but on high-density housing as well.
Let’s take a look at the residential real estate opportunities happening in and around Lloyd, and what this area of Portland might look like in 10-20 years.
Residential Real Estate Trends in Lloyd, Portland
In Portland last year (2018), median home prices went up 5% overall, according to the RMLS. In Lloyd, however, they actually fell 12%. In fact, just 12 homes sold in Lloyd in 2018, and they were all condos. The median sale price was $207,450, they sold 6 days faster than the Portland average — which partly explains why right now there isn’t a lot of inventory in Lloyd itself.
The other reasons for low condo inventory in Lloyd is that they simply haven’t been built. Neither does there seem to be any plan to create more. New development seems to be focused on commercial over residential, though there are several apartment projects in the works. In fact, Portland’s 2035 Comprehensive Plan is aiming for a total of 9,000 households in Lloyd, with a parallel increase in the number of jobs so that people don’t have to travel out of the neighborhood to go to work.
Lloyd – Live, Work, Play
As a high-density urban neighborhood, it’s not surprising that Lloyd already has a WalkScore of 86/100 (much better than Portland’s overall score of 65). Most errands can be accomplished on foot, transit is convenient to get anywhere in Portland, and it’s a “Biker’s Paradise” according to WalkScore.
Everyone knows Lloyd for the Lloyd Center Mall, featuring an indoor ice rink! There’s also the Moda Center (formerly known as the Rose Garden), where the Portland Trailblazers games are held, and the historic Memorial Coliseum where visitors can catch both an ice hockey game and a fine example of Modernist architecture.
Yes, offices are in the mix, including the 20-story Lloyd Center Tower — the tallest building in Portland outside downtown. But Lloyd is also home to dozens of restaurants and shops, a food cart pod, multiple movie theaters and public spaces like the Eastbank Esplanade on the Willamette River.
Lloyd of the Future
Want to live in Lloyd or a nearby neighborhood like Eliot, Irvington or Sullivan’s Gulch? Get ready to embrace change. Slated projects include:
- A car-free bridge to span I-84, connecting Lloyd to the Central Eastside via 7th Avenue and part of the planned Green Loop, a 6-mile “linear park” to connect all of central Portland
- A 13-screen movie theater addition to the Lloyd Center
- A remodel and expansion of the former Nordstrom building, which may include a live music venue
- Block 45, a 12-story, mixed use affordable housing development with 7,500 square feet of retail space
Are you thinking that it’s time to move to Lloyd? Talk with our top 1% Portland buyer’s agent.April 19, 2019