Chugachmiut is making upgrades and maintenance improvements to the interior and exterior of its Anchorage office. Much of this work is capitol improvement necessary to retain and, hopefully, increase the value of the building.
Work began this summer with an exterior facelift including a new brick retaining wall and landscaping vegetation. This alone resulted in an increase in traffic of potential tenants coming to look at the property. Fresh exterior paint was finally applied after weeks of rain.
After securing the University of Alaska Anchorage (UAA) as a tenant in the basement, work started in an effort to make the space usable for class rooms. Some of the costs for these re- models is built in to the UAA lease.
In addition, upgrade and mainte- nance work is being done on the second floor of the building, most of which is currently available for rent. New carpeting and paint is required to increase the value and marketability of the space.
“Renting the basement was a huge step,” said Charlie Sink, Enterprise and Trust Division Director. “Normally basement space is the hardest to rent. We got that out of the way and our financial outlook for the building is very bright.”
Landscaping facelift, before and after. Upgrade work to the exterior of the Anchorage building resulted in a marked increase in interested tenants. Interior work (below) is being completed for new tenants and for basic maintenance to Chugachmiut’s office space.