Anchorage Assembly Approves Lease for Transit Center Hotel
A deluxe hotel on top of the Downtown Anchorage Transit Center is one step closer to development.
Reviving the Bus Station
The Anchorage Assembly last week unanimously approved a ground lease between the Anchorage Community Development Authority (ACDA) and the private venture 6th Avenue Center, LLC. That action clears the way for renovation of the parking structure at 6th Avenue and G Street into a multi-use property consisting of a hotel, residential apartments, restaurant, and retail spaces.
“Our partnership with ACDA and the city is critical in making this a successful and
transformational redevelopment project,” says Larry Cash, partner of 6th Avenue Center.
Cash is the founder of RIM Architects. His partners in the development venture include Paul Wiltse, co-owner of merger and acquisition adviser Venture North Group; Joe Jolley, president of Cornerstone General Contractors; and Jamie Kenworthy, founding manager of the 49th Fund, a private equity fund.
The public-private partnership aims to revive the bus station by installing a 156-room boutique hotel on top, combined with 32 apartments and a modernized People Mover office.
The ACDA, founded in 1984 as a public corporate authority for the Municipality of Anchorage, owns the building. Construction is scheduled to begin in October 2022 with an estimated completion date of September 2023.
“This project represents a giant step forward for downtown,” says ACDA Executive Director Mike Robbins. “It will bring needed development to the heart of our city and shows what can be accomplished when the public and private sector work together.”
The project is estimated to bring $60 million to $65 million dollars of investment into Anchorage, create up to 160 jobs during the construction phase, and generate millions in new bed and property tax revenues.
“Since the day I took office, my administration has been focused on jump-starting development in downtown Anchorage,” says Mayor Dave Bronson. “The Sixth Avenue Parking Mall is part of our framework to leverage public sector investment to catalyze private development.”
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