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Nike will move into a space in the 5th Street Public Market as the anchor retailer for the market's new expansion, which will open fall 2020. (Courtesy of Obie Companies)

A Nike retail store will move into a 6,500 square-foot space in the 5th Street Public Market as part of the market’s expansion, Brian Obie, the CEO of the market’s parent company, announced in a press release Thursday afternoon.

The $75-million expansion to the market will open in fall 2020, according to the press release. The Nike store will be the anchor of the new development and will join Handel’s Homemade Ice Cream as the second business to publicly announce its lease at the 5th Street Public Market. 

Nike will occupy the ground floor of the building that will sit on the corner of 6th Avenue and Pearl Street with two stories of office space located in the glass atrium that will adorn the entrance. 

Five more spaces have either already been leased or have signed letters of intent to occupy spaces in the market expansion. The unnamed leasers will be announced soon, according to the release.

Nike is moving back to 5th Street after an 11-year absence from the location. The major Oregon-based retailer occupied a space in 5th Street from 1988 until 2008. The company currently has a location in Oakway Center. 

In a statement, Oakway Center said it knows of the plans for Nike to move to Fifth Street and that the mall is negotiating with a new retailer for the space Nike currently occupies.  “We look forward to making an announcement in the coming months, although none of these changes will happen for over a year,” said Oakway Management. “Nike has been a good tenant and we wish them well.”

The 5th Street expansion will come in time for the IAAF World Championships, which will take place in Eugene in August 2021. According to the press release, the owners of the site expect Nike to be an attraction for visitors attending future athletic events in Eugene.