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EUGENE, Ore. - Obie Companies, the owners of the 5th Street Public Market, announced on Friday, March 9, that they would be investing an estimated $60 million into a new expansion.
The expansion will be located in the parking lot across the street and directly west of 5th Street Public Market. They'll be building three new buildings on the currently county-owned land, a retail space, an apartment complex, and a boutique hotel.
All three will be connected in some capacity by a market alley. This is a glass covered walkway filled with retailers that will sit between the apartment complex and the retail space and connect to the hotel.
The hotel has been named the Gordon Hotel, and staff with Obie Companies said it will target younger travelers than Inn at the 5th does. The apartment complex has been named the Market Lofts, and it will consist of 113-units that are mostly one-bedroom and studio.
"I mean the fact that we're taking a vacant lot in downtown Eugene, and turning it into something that is vibrant and is going to attract people in downtown Eugene is incredibly exciting," said Casey Barrett, Vice President of Obie Companies.
Barrett said the goal of this project is to bring Eugene a few things it might have been missing, but most importantly to bring more people to downtown than were already going.
He said so far they've been receiving positive feedback from the community.
"To draw more people into our downtown core. I think it'll be great for the nightlife as well as also during the day. So I think it'll be a great aspect for people to kind of be part of downtown," said Chris Boone, a life-long Eugene resident.
The project is expected to break ground at the end of 2018, and is said to be up in time for the 2021 World Championships in Athletics held in Eugene.