Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Developer cites legal delays and ACDA requirements as reasons Sixth Avenue hotel project failed
Summary
Jamie Kenworthy, a project partner, told the committee the planned downtown hotel failed after seven years, citing protracted legal review, shifting ACDA conditions and rising construction costs; he urged ACDA to stay 'in its lane' and simplify deal terms for private investors.
Jamie Kenworthy, manager of the 49th Fund and a partner in the Sixth Avenue Center project, told the Community and Economic Development Committee on Feb. 6 that a proposed 242-room higher-end hotel failed after years of work and rising costs.
Kenworthy said the project received initial approvals but later stalled because the Anchorage Community Development Authority (ACDA) and municipal lawyers added protracted conditions and contract terms that drove legal fees up and spooked investors. "The first lesson is you may approve a project, but the lawyers can screw it up," Kenworthy said.
Why it matters: Kenworthy and his partners…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
