The Oriental Rug Co., after more than 30 years of business, will close and sell its location at Bellevue Way and Northeast Fourth Street to Kemper Development, further entrenching the company’s downtown presence.

The sale will allow for its future development into a mixed-use retail space. Farhad Khorram, whose family owns the store, has said that he plans to retire. The site occupies 0.30 acres.