The Anchorage Community Development Authority is investing in a few major downtown properties, a move the organization says will reshape the area’s future.
On Monday, the ACDA announced its board has come to an agreement to purchase the JCPenney parking garage and JCPenney’s majority ownership of the former Nordstrom building.
Nordstrom closed its downtown Anchorage store in 2019.
“These historic acquisitions will provide the opportunity to redevelop two iconic city blocks in the heart of downtown and set the table for the next fifty years of growth,” said ACDA Executive Director Andrew Halcro in a press release about the sale.
Under the terms of the agreement ACDA will pay $1.7 million for the parking garage and $1.5 million for their 80% stake in the Nordstrom building.
ACDA said it plans to close on the purchases by the end of the year.