Downtown Construction Project One Step Closer to Development
Last week, the ground lease between the Anchorage Community Development Authority (ACDA) and 6th Avenue Center, LLC was unanimously approved by the Anchorage Assembly, paving the way for redevelopment of the Sixth Avenue Parking Mall into a multi-use property consisting of a hotel, residential apartments, restaurant, and retail spaces.
“Since the day I took office, my administration has been focused on jump-starting development in downtown Anchorage,” said Mayor Dave Bronson. “The Sixth Avenue Parking Mall is part of our framework to leverage public sector investment to catalyze private development.”
The project is estimated to bring $60 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.
“This project represents a giant step forward for downtown. 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,” said ACDA Executive Director Mike Robbins.
“Our partnership with ACDA and the City is critical in making this a successful and transformational redevelopment project,” said Larry Cash, Partner of 6th Avenue Center, LLC.
The 2-story 6th Avenue Parking Mall is located on 6th Avenue, between G & H Street and owned by ACDA. It is expected that construction will begin October 2022 with an estimated completion date of September 2023.
For more information about ACDA’s past and future development projects, visit www.acda.net.
Anchorage Community Development Authority
Founded in 1984, the Anchorage Community Development Authority (ACDA) is a public corporate authority for the Municipality of Anchorage. ACDA’s mission is to facilitate development and public parking for a vibrant community.
6th Avenue Center, LLC
6th Avenue Center, LLC is a project development company which has a diversified portfolio of Alaska partners who specialize in financing, infrastructure and development projects.
The Development team consists of Larry Cash, Founder of RIM Architects, Paul Wiltse, Co-Owner of Venture North Group a Merger & Acquisition Advisory company, Joe Jolley, President of Cornerstone General Contractors, and Jamie Kenworthy, founding manager of the 49th Fund, LLC, a private equity fund.