Friday, March 9, 2018

For immediate release

Contact:  Jenny Ulum, 541-954-6819

 

5th Street Public Market Poised to Expand

$60 million project brings new living, lodging, shopping and dining options to downtown Eugene

 

Eugene, OR – The 5th Street Public Market is preparing to embark on its largest construction project ever, with plans to break ground later this year on a new hotel, apartment building and retail center on a lot bordered by 6th Avenue and Pearl and Oak streets.

The project takes up half a block on land owned by Lane County and leased to Obie Companies, owner of 5th Street Public Market, under a 99-year agreement signed in 2013.

“This is the largest undertaking in our company’s history, and a significant investment in the ongoing redevelopment and revitalization of downtown Eugene,” says Brian Obie, president and CEO of Obie Companies and former Eugene mayor (1984-1988). “We love this community and the community has always loved the Market right back. We think they’re going to love this evolving Market District even more.”

The estimated $60 million development project on what is now a county-owned parking lot consists of three buildings:

-        a seven-story, 113-unit apartment building, the Market Lofts, with ground-floor retail

-        a three-story retail and office building, and

-        a seven-story, 82-room boutique hotel, to be called The Gordon Hotel in honor of Gordon Obie, Brian Obie’s late father.

The three buildings will be connected by a glass-covered Market Alley that leads from the hotel to Pearl Street. Small shops, cafés and tasting rooms will open onto the Alley where Market residents, hotel guests, visitors and locals can explore and interact.

The Market expansion is a major step forward in the ongoing formation of a Market District that adds to the vibrancy of the downtown area and promotes local arts and culture by incorporating the works of local artists into interior and exterior designs as well as through community events and business opportunities.

“We see the Market District evolving into a vibrant hub for the arts where there is always something new to discover and something going on to delight our residents and guests,” says Casey Barrett, vice president of Obie Companies and a member of the Obie family. “Building on the programming already under way at the existing Market, this new project will provide new opportunities for people to browse, shop, sip and taste and to come together for events and celebrations.”

The architect for the project is Ankrom Moisan, perhaps best known for its work in Portland’s Pearl District. A contractor has not been selected. Obie is committed to keeping as much construction work local as possible.

Obie Companies is also supporting an affordable housing project being developed by Homes for Good on a quarter-block site across Oak Street west of The Gordon Hotel. Homes for Good is planning a five-story, 50-unit workforce housing project. Obie is planning to purchase the 5,500-square-foot ground floor retail space in the building in a condo arrangement.

The 5th Street Public Market has been called one of the best loved and most successful places downtown. With more than 1.5 million visitors a year, the Market is an enchanting collection of local and regional stores, cafés, a salon and day spa, and the exceptional Inn at the 5th boutique hotel. Established as a poultry business in 1929, the property was reinvented as the Market in 1976 and has been owned by Obie Companies since 1981. In addition to the 5th Street Public Market District properties, Obie developed and manages the Inn at 500 Capitol in Boise, Idaho, which opened last year.

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