Mayor Bronson Announces $200 million Downtown Development

Mayor's Office

5/17/2022

Anchorage, AK ­– Today, Anchorage Mayor Dave Bronson announced a $200 million mixed-use construction project in the heart of downtown. The “Block 41" redevelopment project represents the largest private sector investment in downtown Anchorage since the 1980s. Led by Peach Holdings, LLC the “Block 41" project will consist of Class A commercial office space, a hotel, retail, housing, parking, and entertainment venues in the heart of downtown.

“This investment and project will transform downtown Anchorage as we know it. Every great city has a vibrant, modern, and appealing downtown that provides a center for commerce and entertainment," said Mayor Bronson. “Since the day I took office, my Administration has been laser-focused on making Anchorage a place where developers and investors want to do business again. Today's announcement is evidence that we are turning the corner and rebuilding Anchorage."

“The Block 41 development reflects our continuous belief in downtown Anchorage. We live, work, and play here. We have kids in school here. We want this city to thrive," stated Peach Holdings, LLC. “We have owned properties in Anchorage since 1986 and believe in our economy and community. This will be a project that the community can be proud of while giving our economy the boost it needs. We want to restore downtown as a true financial, cultural, and social hub that attracts both locals and foreign visitors. It is time to bring business back to downtown," concluded Peach Holdings, LLC.

The developer, Peach Holdings, LLC, owns nearly all the properties on Block 41 between 4th and 5th Avenues, and F and G Streets. In conjunction with Municipal departments, the developers expect to begin preliminary demolition and construction work on buildings along 4th Avenue this summer. Multiple buildings on the block will be fully demolished and replaced by new structures built in their place.

Survey efforts with the National Park Service are underway to document, record, and preserve artwork, artifacts, and historical elements of the former 4th Avenue Theater. The former theaters' facade will be re-created with modern and safe building materials, and its sign will be preserved to create a new sign that incorporates modern technology.  

Peach Holdings, LLC expects to invest over $200 million in the project. Currently, work on the former KeyBank Plaza – now know as 601 W. 5th Avenue – is ongoing. The developers have employed local companies to do environmental, engineering, design, and construction work. Additionally, hundreds of constructions jobs are expected to be created because of this project.

“Projects like these create high-paying jobs, grow our economy, broaden the tax base, and enhance our way of life. I can say with confidence that my team is supportive of this project, and that we support the efforts the developers are making to revitalize downtown," remarked Mayor Bronson.

Renderings of the proposed project may be found here.

 

Media Contact: Hans Rodvik, Deputy Communications Director, hans.rodvik@anchorageak.gov, 907-570-6646

 

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