New business buildings under construction
Local rents for businesses have risen steeply over the last few years, but a new pair of buildings on Artillery Road in Eagle River will offer more affordable rates, according to Eklutna, Inc. real estate manager Greg McDonald.
“It’s at the low end of the local market,” McDonald said.
The development, called Artillery Park, is being built on two 2.5-acre parcels.
Each of the buildings, which face each other on the lots, will have eight units, McDonald said, with the option for an incoming tenant to combine more than one unit. Units come in sizes of 1,800 or 2,100 square feet. All units have 30-foot wide store fronts and garage-type access doors in back.
The location, behind Eagle River Academy Charter School, isn’t visible from much of Eagle River, but it’s right off the Glenn Highway. McDonald said the project already has “destination businesses” set to open shop there. He wouldn’t say which companies have signed lease agreements, but added the occupancy rate is at 35 percent.
The light-industrial zoned land “lends itself to a wide variety of business uses,” he said. “Anything from professional offices to restaurants, retail, all the way to things that would be considered more industrial, like light manufacturing, brewing, or construction-related businesses.”
The Artillery Park development is one part of a larger push that Eklutna’s been making to develop on its lands.
“At Eklutna, being the largest private landowner in Anchorage,” McDonald said, “we take it as a great responsibility to work with the municipality in making sure we can accommodate the needs of the real estate community. In doing so, we’ve taken hundreds of acres of land and rezoned them just this past year to both light industrial and heavy industrial, in order to increase the municipality’s available industrial land.”
The Native corporation’s other development projects include Birchwood Industrial Park off the Birchwood exit, which sports 160 acres of heavy industrial use zoned land. McDonald lauded Birchwood Industrial as “a premier site for companies who will be working in conjunction with the LNG pipeline.”
At another site that Eklutna, Inc. rezoned in the past year, near the soon-to-open Eklutna MEA power plant, a building trusses manufacturing company called Alaska Trust Manufacturing opened in early March. And many local residents are familiar with the new Three Bears store, built in partnership with Eklutna and Criterion Construction.
Eklutna is adding residential real estate as well, with a recently completed 36-lot development on Eklutna Park Drive near Powder Ridge, called Powder View.
“That is the first phase of a larger 405-acre housing development called Powder Reserve,” McDonald said. “We just completed the Master Plan for Powder Reserve, which will include single-family homes, and it will include higher-density multi-family housing as well. And both of those market segments are in need for Anchorage.”
The unusually warm winter has helped along construction of the Artillery Park professional buildings, McDonald said. He predicted it would open sometime around February or March 2015.
For more information about the Artillery Park project, contact Greg McDonald at Eklutna, Inc., (907) 696-2828.