Tikahtnu Commons

 

CIRI and its partner Browman Development Co. are developing a regional retail and entertainment center on a 95-acre parcel of CIRI land in northeast Anchorage, on the corner of North Muldoon Road and the Glenn Highway.

The $100-million-plus project is expected to include 12 to 15 major retail stores and a total of 60 to 75 businesses, including small shops, restaurants and other service and entertainment businesses. These stores include new-to-Alaska chains, such as the 171,000-square-foot Target store built in the first phase of the project. Construction of the center is expected to last five to seven years.

Tikahtnu Commons will be a one-stop shopping destination for the whole family. The project will distinguish itself through high-quality architecture and construction, including variations in building facades and rooflines, an abundance of color, a pedestrian-friendly design, dispersed parking and screened and/or hidden service entrances.

CIRI's partner, Browman Development Co., is an Walnut Creek, Calif.-based firm that has worked on many large retail projects across the U.S. Browman will manage the Tikahtnu Commons project.

Target held a pre-opening ceremony and VIP gala at Tikahtnu Commons on Oct. 7. The ceremony included the unveiling of a statue in front of Target's new store by Alaska Native sculptor Susie Bevins-Ericsen. The aerial photos were taken on Oct. 8, when Target held its "soft" opening. Construction can be seen in the rest of Tikahtnu Commons.

CIRI acquired the roughly 95-acre parcel in 1991 under the federal surplus property provisions of the Cook Inlet Land Exchange as part of its ANCSA settlement.

Lowe's and Best Buy signed on in 2008 to join Target in anchoring Tikahtnu Commons. Lowe's signed a purchase and sale agreement on Jan. 9 to build a 140,000-foot store. Tikahtnu Commons will be Lowe's fifth store in Alaska. Best Buy recently signed a tenant-executed building lease for a 30,000-square-foot store. PetSmart Inc., the world's largest pet services retailer, recently signed a letter of intent to lease a 30,000-square-foot pet store combined with Alaska's first pet hotel and spa at Tikahtnu Commons. CIRI and Browman are considering adding a hotel to the retail center as well.

Four major stores and some smaller structures are now under construction. Many of the parking lots have been paved. The Lowe's store will open before the end of the year. Kohl's Department Store, BestBuy and Sports Authority will follow in early 2009. The PetSmart store is planned for construction in spring 2009.

Regal Entertainment Group is planning a new 17-screen theater complex, including Alaska's first IMAX. The smaller shops and restaurants will begin opening in late 2008.

For Tikahtnu Commons leasing inquiries, contact Jim Stephens with Browman Development Co. at (925) 588-2224.