CIRI Land Development Co. (CLDC) 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. Construction of the center began in 2007 and is expected to last five to seven years.
Tikahtnu Commons will be a one-stop shopping destination for the whole family. The project distinguishes 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.
The new Regal Cinemas Tikahtnu Stadium 16 & IMAX theater at Tikahtnu Commons held its grand opening in June 2010. The 16-screen, 72,000-square-foot theater holds more than 3,000 seats and Alaska's first IMAX screen. The state-of-the-art theater also features all-digital projection, RealD 3D capability, two party rooms, digital surround sound, and stadium seating.
CLDC'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 manages 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.
The first anchor tenant to be built at Tikahtnu Commons was Alaska's first Target store. The 176,000-square-foot retail store set an opening day sales record for the company when it opened its doors in October 2008.
Lowe's' 140,000-square-foot home improvement store opened in April 2009. Tikahtnu Commons is Lowe's fifth store in Alaska. Kohl's, a new-to-Alaska national department store chain, opened a 90,000-square-foot store at Tikahtnu Commons in April 2010. National sporting goods chain Sports Authority opened a 52,000-square-foot store in May 2010. The store is Sports Authority's fourth in Alaska. Consumer electronics retailer Best Buy opened a 30,000-square-foot store, its second in Alaska, in June 2009.
PetSmart Inc., the world's largest pet services retailer, opened a 30,000-square-foot pet store combined with Alaska's first pet hotel and spa at Tikahtnu Commons in December 2010.
Regal Entertainment Group's new 16-screen theater complex opened in June 2010 at Tikahtnu Commons. The 72,000-square-foot, approximately $20-million Tikahtnu Stadium 16 & IMAX theater, which includes Alaska's first IMAX screen, is a prototype for Regal's new theaters nationwide. The theater is located on the southeast corner of Tikahtnu Commons, and is the anchor for the east side of the retail center. CLDC and Browman are leasing the theater facility to Regal.
Alaska's first Olive Garden restaurant opened at Tikahtnu Commons on Jan. 23. More than 50 people waited in line to be the first Alaskans to eat at the Italian-inspired family dining eatery.
CLDC 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 opened at Tikahtnu Commons. Other businesses and restaurants will be constructed as Tikahtnu Commons develops.
International House of Pancakes Inc.'s IHOP restaurant was the first dining establishment at Tikahtnu Commons. Nationwide chain Red Robin Gourmet Burgers Inc. opened a new Red Robin restaurant in December 2010, and Qdoba Mexican Grill opened in June 2011. Firetap Alehouse Restaurant opened in September 2011. A McDonald's fast food eatery opened in November 2011.
Olive Garden Italian Restaurant, the leading restaurant nationwide in the Italian dining segment with more than 750 restaurants, opened its first restaurant in Alaska at Tikahtnu Commons in January 2012. The new 7,441-square-foot restaurant hosts up to 246 guests and created 165 new Anchorage jobs.
Current, upcoming activity
With the completion of the Regal theater in June 2010, more than half of the approximately one million square feet of retail and entertainment space at Tikahtnu Commons is developed. Construction of the rest of the retail center is expected to take approximately three more years.
Site improvements continue at Tikahtnu Commons, especially on the east side of the property. CLDC and Browman anticipate another surge of interest from potential tenants in 2012 due to the delivery of the entertainment aspect of the retail complex with the construction of the theater and traffic from the anchor stores. Conversations with potential tenants are currently under discussion.
For Tikahtnu Commons leasing inquiries, contact Jim Stephens with Browman Development Co. at (925) 588-2224.