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.

Kohl's Department Store, shown at far right, opened at Tikahtnu Commons on April 1. The national retailer is one of many stores and shops that will be opening at the northeast Anchorage retail center throughout 2009 and 2010, including Sports Authority (second from right) and Best Buy (far left). The Target store (second from left) opened on Oct. 9, 2008.

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.

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, which opened at the end of March. Lowe's will hold the store's grand opening in early May. Tikahtnu Commons is Lowe's fifth store in Alaska. Best Buy signed a tenant-executed building lease for a 30,000-square-foot store in early 2009, and plans to open in the first week of June.

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. Construction of the PetSmart store should begin this summer, with its opening planned for early 2010. A new Sports Authority store has been under construction, and should open in the second week of May. CIRI and Browman are considering adding a hotel to the retail center as well.

Lowe's also opened its doors at Tikahtnu Commons recently. The home improvement store will hold its grand opening on May 7.

Regal Entertainment Group is planning a new 17-screen theater complex, including Alaska's first IMAX. CIRI and Browman are working on feasibility studies for a hotel at Tikahtnu Commons as well.

CIRI and Browman have already leased about 80 percent of the 37,000 square feet of small store space at Tikahtnu Commons. Subway, GCI, Game Stop, GNC, AT&T, Marble Slab Ice Cream, Great Clips, Fruitland Fresh and Sally Beauty Supply have all signed on to Tikahtnu Commons, and are in varying stages of construction. CIRI and Browman have recently finalized a deal with International House of Pancakes Inc. to build an IHOP restaurant at the retail center. Other small businesses and restaurants will be constructed as Tikahtnu Commons develops.

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