Regal Cinema sues developer, owner of Lloyd Center over housing project expected to reshape area.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Regal Cinema is suing a developer and the owner of the Lloyd Center over a housing project that is expected to reshape the area.
The reason for the suit: parking.
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.
(READ MORE: OregonLive.com)
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