By Ken Smith
Turnagain Times
Glacier City Center will be built, said Dr. Jeff Demain, the man behind the dream. However, the dream, he said, may not be realized for another year.
“Two years ago shortly after we met with the bank, we had to do a feasibility study,” Demain said, “and that took two months. The feasibility study predicted what we see right now.”
Of course what Demain is referring to is the economic recession the country is mired in. He said the feasibility study predicted a softening of the economy, property values going down and a depressed market for high end condos.
Because of what he read, Demain said they have been approaching the downtown Girdwood development cautiously.
He said the change in the market had him rethink the design of his 50,000 square-foot development, and instead of building high end condos, he now wants to build a family style inn.
“I was hoping for breaking ground this summer,” he said, “but we need to get zoning approval before we can begin construction of the inn.”
If there’s a delay in the approval then Demain said construction would have to be put off until summer 2010.
“I can’t really start the project until we have the concept of the inn resolved,” he said.
Demain is also eager to break ground on a new restaurant to be built in conjunction with the inn. He said it will be a European fusion menu. He would be the sole owner, but would hire someone else to run it.
“I want to own a restaurant,” he said. “It will be a reality. It was postponed because of everything that is happening with the economy, and I’m very happy it was.”
Demain expects the Inn to be 35,000 square feet with parking. In addition to the restaurant and Inn, there will be four commercial office spaces and six retail spaces. Demain said he’s talked with many people who have expressed interest in leasing the spaces.
The cost for the entire project is estimated at $10 million.
Demain is partnering with two other people, one local and one from Seattle, to develop most of the project, and he has another party involved in the building of the Inn; however, he would not divulge the names of the partners.
Demain has owned the property, located behind the post office, for four years and got final approval from the Anchorage Planning and Zoning Commission two years ago.
He said he first conceived of the project about seven years ago and it took him another three years to find the property.
Locally based Z-Architects is overseeing the architectural design.
“As much as we were unhappy with the feasibility study, which cost $24,000, it made us pause,” he said. “We are highly motivated. Our vision has been altered slightly, but our motivation remains intact.”
In the meantime, Demain, 54, said he will continue in his medical practice as a specialist in allergies and immunology.
“I’ll stay with that until I think I’m’ losing my edge,” he said. “But right now, I’m on the top of my game, and I love going to work.”
Cover Photo:
Ken Smith/Turnagain Times