Apparently the Olympian is expanding its existing space downtown. It's essentially a bar, and their food is not very interesting, so I wouldn't expect this to change things on their menu that much. We'll have to keep an eye on them.
The other food-related reason this is worth noting is that the business making way is George and Son Cutlery, one of the oldest businesses in Oregon and a terrific knife shop. Carl George is retiring rather than trying to move. It's too bad, they are my favorite place to buy and sharpen knives. They're selling off the existing inventory (30% off) for anyone in need of a good blade. Pay your respects if you go.