A parade of small shops and store centers that have stood for decades can be seen along the Old Glenn Highway in downtown Eagle River. However, a retail location bustling with business from area consumers might comprise a more compelling vision of the townscape for an unnamed national retail developer.
Some local commercial property owners on the 11000 block of the Old Glenn Highway in the area of the now closed North Slope Restaurant and Saloon say they received an offer that would fulfill such a vision in January.
“I received an offer from an Outside company,” said Kathy Geraci, owner of Great Land Realty, located at the corner of Old Glenn Highway and Business Boulevard. “He said they were thinking about putting a mall back there, and using the front up here for parking. I don't really see that happening. I turned down his offer.”
Eric Follett, owner of the building at 11421 Old Glenn Highway next to Great Land Realty, said he also turned down overtures for his property to be purchased as part of a retail development package.
“It was a generous offer,” Follett said. “But I have a good relationship with my tenants, and I didn't feel like I wanted to abandon them. I'm an appraiser. So I know what it's worth, and their offer was more than I thought it was worth. But I was more influenced by (the fact that) I've had great tenants over the years. They've stayed with me.”
Kurt Koehler, the landowner for the property where St. Pierre Master Jeweler's resides just behind Great Land Realty, said he received a contract in January for the same potential retail development, made a counteroffer and hasn't heard from the company since.
“We had an offer for purchase,” Koehler said. “There were too many contingencies with the other properties involved. We countered back and haven't reached (an) agreement yet.”
The property owners declined to name the company the contract was from, but described the man they were in contact with as a broker based in Seattle operating on behalf of a retailer. The purchases related to the contract might have gone through if all the landowners on the property targeted for development accepted the contract.
Follett described the plans he saw for the development as including purchase of St. Pierre, Greatland Realty, his own building and the North Slope Restaurant mainly for access and parking and purchase of space behind those buildings — land that is owned by North Slope Restaurant owner Mike Merrill — for a retailer.
Merrill declined to comment.
“It wasn't a really big box, like Lowe's, because there wasn't enough land to accommodate something that big,” Follett said. “They did send a site plan that showed parking and a building, and it was a pretty good-sized building.”
Potential plans for the site are in flux, however, and Follett said the last he heard from the broker was in mid-January.
“They were upfront that they had several sites they were looking at,” Follet said. “They didn't tell me what the other sites were.”
Reach the reporter at news@alaskastar.com.
