Real estate

 

CIRI has significant commercial and residential real estate development, investment and property management interests in Alaska, Arizona, Texas, California and Hawaii. CIRI Land Development Co. (CLDC), CIRI's wholly owned real estate company, manages a substantial real estate portfolio to generate sustainable revenue and cash flow.

Olive Garden Italian Restaurant opened its first restaurant in Alaska at Tikahtnu Commons on Jan. 23. Olive Garden is a leading restaurant chain with more than 750 restaurants nationwide. Its new 7,441-square-foot restaurant at Tikahtnu Commons seats up to 246 guests and features a design inspired by traditional farmhouses in Tuscany, Italy.

CLDC teamed with Dean Weidner and Weidner Apartments in 2010 to identify, purchase and manage high-value, multifamily properties in distressed markets in Arizona and other locations. Weidner has a strong reputation as a creative and efficient multifamily housing developer and manager. The joint venture purchased four Class-A multifamily properties in 2010 with more than 1,000 units in Arizona and is pursuing additional purchase opportunities.

CIRI is developing several real estate projects in its home city of Anchorage, Alaska. Its largest Alaska project is Tikahtnu Commons, a 900,000-squarefoot, $100-million-plus project that is quickly becoming Alaska's premier retail and entertainment center. CLDC teamed with Oakland, Calif.-based retail developer Browman Development Co. to develop this project on 95 acres of CIRI land in northeast Anchorage. Tikahtnu Commons broke ground in 2007 and is anchored by major national retailers including Target, Kohl's, The Sports Authority, Best Buy, Lowe's, PetSmart and a 16-screen Regal Entertainment Group theater complex that includes Alaska's only IMAX theater. Most recently, Italian eatery chain Olive Garden opened its first-ever Alaska restaurant at Tikahtnu Commons on Jan. 23. Tikahtnu Commons leasing is proceeding on schedule and full buildout, including anchors and locally and nationally owned restaurants, shops and service businesses, is expected in 2014.

The first phase of CIRI Land Development Co.'s 20-acre 11000 C St. project in south Anchorage is this fully leased 40,000-square-foot office building.

CLDC is working to develop three additional CIRI-owned sites in Anchorage including the 22-acre, mixed-use office and retail site at 11000 C St. in south Anchorage, a 20-acre mixed-use retail site also in south Anchorage and an 8-acre mixed-use site in Anchorage's midtown. The first phase of the 11000 C St. project is the fully leased, 40,000-square-foot office building occupied by Doyon Ltd. and several of its subsidiaries. The first building is designed to LEED (Leadership in Energy and Environmental Design) silver criteria to reduce long-term energy and operating costs. The full project is expected to include up to 120,000 square feet of office space plus additional retail and service businesses.

The Company has several large real estate development projects outside of Alaska. CLDC is developing infrastructure, including roads and utilities, for residential subdivisions on its Escondido, Tuscany and Ladera parcels in San Antonio. CLDC is developing lots in these subdivisions in phases to correspond with demand by homebuilding companies.