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Council briefed on negotiated term sheet for 333 Alaskan Road (Laskin Road Gateway) redevelopment
Summary
City staff presented a recommended term sheet for sale of the 0.3-acre 333 Alaskan Road parcel to a private developer proposing a 5–6 story, 215‑unit multifamily project with private parking; council was briefed on price, due diligence, recapture rights and scheduled public hearing and vote dates.
City economic‑development staff presented council with a negotiated term sheet for the sale and redevelopment of 333 Alaskan Road (corner of Arctic Avenue and Laskin Road), a 0.3‑acre city‑owned parcel in the oceanfront Laskin Road gateway.
Emily Archer said the site was purchased by the city in 2011 for $1.4 million, appraised in 2023 at $1.68 million, and that after an RFP the selected respondent is Phoebe Laskin Road LLC (represented by Ashley Wiltshire and Dan Shift). The developer proposes roughly 215 multifamily units in a five‑to‑six story building with about 20,000 square feet of ground‑floor commercial and a 330‑space private parking deck, and estimated capital investment of $64 million.
Key deal terms and conditions: the negotiated purchase price is $1.5 million, with a six‑month due‑diligence period, potential price reduction up to $300,000 for identified utility impediments, city demolition of the existing structure after vacancy, and a three‑year recapture right if construction has not commenced (city may retake the property for the purchase price). Staff said closing would be contingent on site‑plan approval and outlined an Aug. 19 public hearing followed by a Sept. 2 vote on execution of sale documents.
Council concerns and local impact: council members noted impacts to current tenants and small businesses on the corridor and urged the developer to preserve the area’s public‑space character, including a wide sidewalk promenade, and asked about timing and protections for existing tenants during construction.
Ending: Council did not reject the term sheet and scheduled the public hearing; staff will proceed with required public‑notice and site‑plan processes before final authorization.
