CIRI Land Development Company (CLDC) anticipates taking possession of the site of the former Fireweed Theater in midtown Anchorage from Regal Cinemas in late October. CLDC, a CIRI subsidiary, is exploring development options for the parcel that will be profitable for the company while enhancing the midtown area.
Anchorage contractor Alaska Demolition began demolishing the Fireweed Theater building on Thursday, Aug. 26, and began the process of carefully sorting the demolition debris for recycling and clean up. Alaska Demolition workers completed asbestos remediation and removed all other hazardous materials from the site prior to demolition. The cleared site will remain undeveloped and most of the parking lot will remain intact until new construction begins. Site demolition, clean up and most utility abandonment was completed in early September.
CLDC has not settled on final plans for the Fireweed site, but is reviewing potential projects that could include mixed-use office and retail elements. Depending on market conditions and tenant agreements, a new project on the site could begin as early as 2011. The anticipated development will include extensive landscaping and will follow Title 21 guidelines.
The Fireweed site is the most recent addition to CLDC’s real estate development portfolio in CIRI’s headquarters city of Anchorage. The company is developing Tikahtnu Commons, a 950,000-square-foot, $100-million-plus retail and entertainment center on 95 acres of CIRI land in northeast Anchorage, with partner Browman Development Co. Tikahtnu Commons includes national retailers Target, Kohl’s, The Sports Authority, Best Buy and Lowe’s, as well as Regal Cinemas’ Tikahtnu Stadium 16 & IMAX theater. CLDC is also building a pre-leased 40,000-square-foot office building in south Anchorage that is the first phase of a 22-acre mixed-use office and retail project.
If you have a potential project, acquisition or investment that you think CLDC may be interested in, please call 1-877-510-2532 or e-mail info@cirirealestate.com.
