Major changes coming to the 600 block downtown

New LLC formation and property acquisitions hint at big changes coming to downtown block.

The 600 block of 4th and 5th Avenue should expect to see some big changes in 2020; the Key Bank branch (601 W 5th Ave) in the 9-story office building commonly referred to as the Key Bank Building has been permanently closed and the property has been consolidated with the adjacent surface parking lot. The property owner on record is a new LLC called 601 Fifth Ave, formed 6/6/2019. Officials on file are Joseph Fang and Peach Holdings, LLC. 

This consolidation comes after the recent acquisitions of First National Bank Alaska’s mid-century office building at 423 G St and the original bank branch building at 646 W 4th Ave by Peach Holdings LLC. Those properties, along with their holdings at 413 G St (current home of Bivy Space) as well as the 4th Avenue Theater and the historic Reed Building (Peach Investment, LLC) gives them control of the entire block with the exception of the Masonic Building (originally a Woolworth’s) at 4th Avenue and E Street. 

Nothing has been officially announced and this article is purely speculation but expect to see major changes on this block in 2020, and remember you heard it here first. 

2 thoughts on “Major changes coming to the 600 block downtown

  1. ADN reported on Peach Investments acquiring properties on this block for the purpose of a massive redevelopment years ago. They were unable to secure the necessary tax breaks from the MOA and the project has since been put on hold.

    1. I remember. The acquisitions of the FNBA properties, the lot consolidations and the formation of the new LLC are all recent developments that suggest the project may be moving forward. There were a lot of moving parts to the negotiations, some of which involved the Northern Lights Hotel. Anchorage also went into a recession which likely caused some trepidation in starting a large construction project. The new property acquisitions may end up sparing the theater but it all remains to be seen, either way, big changes are coming.

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