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It’s still in the early stages, but a new partnership, Portland Lloyd Center Community LLC, will soon go before the Portland Design Commission to get advice on a development aiming to create nearly 1,000 market-rate apartments in the Lloyd District.

Cassidy Bolger, executive vice president of development with Portland Lloyd Center Community, said California developer Bob Bisno and Bren Palmer, a development company also located in California, joined forces and bought the property at 1510 N.E. Multnomah St. from Cypress Equities. The property currently is the site of the Regal Lloyd Center 10 and IMAX theater complex.

Bolger, a Portland native, said he was brought in on the deal because Bisno and Bren Palmer recognized the 鈥渘eed to get local people to help them, and to conceive and execute.鈥�

Plans call for the theater complex to be demolished for the new construction, Bolger said, and preliminary plans call for a 鈥渇ive-over-one鈥� mixed-use building.

鈥淚t will be basically an apartment building, a wood building over a concrete podium,鈥� he said.

Holst Architecture will design the building, which Bolger said is still in early feasibility analysis.

Current plans for possibly several buildings on the six-acre 鈥渟uper-block鈥� site 鈥� the equivalent of five city blocks, including the theater parking lot 鈥� call for both above and below ground parking. The ground floor will feature retail, with an emphasis on restaurants.

鈥淭hat’s one of the things about this district that there’s a strong need for,鈥� Bolger said. 鈥淲e have a lot of office workers here who want quality food 鈥� Good local food options create a sense of community.鈥�

Although density is still being considered, Bolger said initial plans call for about 980 units of market rate housing, retail and community spaces as well as more than 800 parking spaces.

The first step is to work with the city’s Design Commission through the design review process, starting probably in July, Bolger said. Tentative plans call for construction to get under way by fall 2016.

鈥淲e are still putting together a design and construction team, and are basically looking for the best talents in Portland,鈥� he said. 鈥淲e started with Holst and are moving forward from there.鈥�

Bolger declined to comment on the fact that Bisno declared bankruptcy in 2009.

Bisno did not respond by press time to an email inquiry about the bankruptcy. the Orange County Register, the Los Angeles developer at the time of his bankruptcy filing owed his largest 20 unsecured creditors more than $250 million. He also reportedly lost his $29 million Beverly Hills mansion to foreclosure in 2008.