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Regal Cinemas Sues Lloyd Center Owner Who Would Build 900 Units
Dated: December 1 2015
Renderings of a proposed development on a Lloyd Center outparcel (Holst Architecture/City of Portland)
The popular movie theater company Regal Entertainment Group is suing the owner of the Lloyd Center and the developer who wants to build 980 units in the rapidly changing area, according to a lawsuit filed in Multnomah County Circuit Court.
The plaintiff is Eastgate Theatre Inc., a company that listed Regal's corporate headquarters as its address with the Oregon Secretary of State's office. The defendants are Dallas-based Cypress Equities, which owns the Lloyd Center and the property in question, and Portland Lloyd Center Community LLC, a limited liability company associated with Southern California developer Bob Bisno.
Bisno announced earlier this year plans to buy the site of the Regal Lloyd Center 10 & IMAX and the adjacent parking lot and build a 980-unit residential development that would also include retail space and parking for 873 cars.
The lawsuit contends that the parking at the site is "a material term" of Eastgate's lease and "critically necessary" to the use of the property. The theater generates about $6.3 million in annual revenue, the complaint says.
"Eastgate is entitled under the terms of the lease to have access to the parking for use by its patrons during the term of the lease," the complaint reads. There are about 11 years left on the lease, according to the suit.
Joel A. Parker, an attorney for the plaintiff, declined comment. Phone calls to Regal Entertainment Group, Cypress Equities and Bisno Development Co. were not immediately returned.
Regal Cinemas said in July that it planned to stay at the Lloyd Center, referring to "ongoing discussions" with Cypress Equities "regarding new theater options" for the area.
Regal closed its eight-screen theater inside the Lloyd Center in January. That space was being converted to office use.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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