A developer is planning to make a $200 million investment in downtown Anchorage, which would be the largest private sector investment since the 1980s — according to Mayor Dave Bronson.
At the press conference, Bronson said he understands the historical significance of the structure and it has a lot of personal history for people, but in the end the building is in poor shape.
Trombley added there was an attempt several years ago for the municipality to purchase the Fourth Avenue Theater but the voters turned it down. The property was then purchased by Peach Holdings, and they worked to finds ways to utilize the building for redevelopment. He said the developer has spent upwards of $10,000 per month for utilities to maintain the existing Fourth Avenue Theater.
Additionally, he said people will be pleased to know that there is a plan in place to preserve parts of the historic theater. He said survey efforts with the National Park Service are underway to document, record, and preserve artwork, artifacts, and historical elements of the former Fourth Avenue Theater. The former theaters’ façade will be re-created with modern and safe building materials, and the marquee sign will be preserved to create a new sign that incorporates modern technology.
Bronson wanted to remind people that projects like Block 41 create high paying jobs, growth in the economy and broaden the tax base. He believes the 2020′s will be a decade full of new investment in downtown
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