A proposal for a boutique hotel project in downtown Anchorage, estimated to cost up to $65 million, is back on the table after an earlier effort failed.
On Jan. 11, the Anchorage Assembly unanimously approved a 99-yearwith 6th Avenue Center LLC, a new development team that consists of Cash; Joe Jolley, president of Cornerstone General Contractors; Paul Wiltse, a partner in Venture North Group; and Jamie Kenworthy, founding manager of the 49th Fund. Venture North supports mergers and acquisitions and the 49th Fund is a private equity fund.The team sought and won the authority’s approval to keep the project alive, Cash said.
But the previous teams’ plan to use the Hotel Indigo brand has changed. The new team is looking for a different brand, he said. For years, the transit center was the source of repeated calls to authorities for public drunkenness, drug use and unruly behavior. The authority completely closed the center in 2020, boarding up doors and covering windows to halt the activity and keep out unwanted visitors. The presence of permanent residents and hotel guests will further improve the area, Cash said.
The project could cost between $60 and $65 million, and create about 160 jobs during construction, the cityUnder the current plans, construction for the hotel is expected to begin in October and be completed by September 2023. Rent payments will fall below market value for three years after that, said Melinda Gant, community development director for the authority. By the sixth year, and for future years, the rent will be in line with market values, she said.
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