Bicycle retailer and repair shop Kent Cycle will remain at its Lake Street location instead of relocating to the Acorn Corner redevelopment downtown as previously planned.

The owners of the shop informally announced the news on the store's Facebook page earlier this month.

Last summer Kent Cycle and Acorn Corner developer Ron Burbick said the bicycle shop would be moving into the basement of the five-story downtown landmark as part of the building's multi-million dollar renovation.

Management for Kent Cycle issued this statement when asked about canceling the move downtown:

"After much deliberation we have decided to remain in our current location for the foreseeable future. While the new Acorn Alley project is exciting and full of renewed energy for our community the timing and completion of the Acorn (Corner) just doesn't fit with our business needs.

"We have a great space, ample parking, and a convenient location for our customers to access The Portage Hike & Bike Trail," the statement reads. "We would love to invite you to come down and see the new changes we have made and to check out all of the exciting 2013 bikes that are arriving daily. I think you will agree this is the space for us."

Kent Cycle, which opened in 2012, is at 115 Lake St. just a few hundred feet away from an entrance to The Portage Hike and Bike Trail.

The restoration of Acorn Corner, most commonly referred to as the old Kent hotel, is scheduled to be finished this spring.

Finding tenants for Burbick's Acorn Alley developments have not been proven too difficult, as the success of his projects often resulted in business owners lining up for vacancies and new spaces.

Michelle Hartman, vice president of RLB Phoenix Properties, said in an email they have another tenant lined up for the space Kent Cycle was scheduled to occupy, but she declined to release details about the new tenant.

"We were, of course, looking forward to having Kent Cycle as a tenant in the old hotel, but we certainly understand and respect their decision to stay on Lake Street and wish them continued success," Hartman said.