(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
ANCHORAGE, AK-Dimond Center LLC, owner and developer of the retail center here by the same name, will develop the Outlets of Alaska at Dimond Center, the state’s first-ever outlet shopping center here. Slated for completion in Fall 2013, the outlets will add roughly 150,000 square feet of gross leasable space to the Dimond Center, which currently features 750,000 square feet of retail stores including Best Buy, Old Navy, Gap, American Eagle, Forever 21 and Zumiez, along with popular restaurants and eateries, family-friendly entertainment venues and office space.
The retail hub is located less than 10 miles south of downtown Anchorage and six miles from Anchorage International Airport, in a region where consumers shop tax free. South Anchorage is also home to some of the highest-income earners in Alaska, with annual salaries exceeding $100,000.
Dimond has engaged FFO Realty, a leading real estate and development advisory firm headquartered in Baltimore, to lead leasing efforts on behalf of the project. “FFO Realty brings more than 40 years of outlet-center leasing experience to Dimond Center,” says Hugh Ashlock, a member of Dimond Center LLC. “We look forward to working with FFO Realty to bring Alaska’s consumer community and rich tourist market our state’s first-ever outlet-center shopping experience.”
Ashlock tells GlobeSt.com that construction will begin on the outlet center in Spring 2013. “So far, we’ve had very good response from typical full-line brands—the same grouping in most outlet centers are very interested, and there are some luxury brands interested, too.”
Dimond hopes to attract the “bush shoppers” residing in the state’s rural areas who come into Anchorage a few times a year for special events and medical care, ready to spend their permanent fund dividend checks at local retail outlets including Dimond Center, Ashlock continues. In addition, the cruise-ship industry brings 650,000 passengers through Anchorage every summer, providing additional tourist income for the area.
Dimond Center LLC tells GlobeSt.com that in terms of total construction cost, they are not ready to divulge the exact amount. The Dimond Center welcomes more than 12 million visitors annually. Situated at the corner of Dimond Blvd. and Old Seward Highway, the project boasts a daily traffic count exceeding 71,000 vehicles, making it one of Alaska’s busiest intersections. According to the company, the outlet project will further solidify the center as the state’s premier retail and entertainment destination.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
