Land Bank prepares for Chugiak development
The Municipality of Anchorage is hoping to develop a chunk of Chugiak hillside, seeking to sell a 19.4-acre parcel near Loretta French Park.
The land – wooded property located off Jasmine Road – is owned by the Heritage Land Bank, a municipal agency tasked with managing public lands around Anchorage. The land bank plans to offer the parcel for competitive bid sale, paving the way for residential development, according to HLB land managers; the sale is contingent upon approval by the Anchorage Assembly.
The property was previously approved for sale in 2008, when appraisers pegged its value at approximately $546,000. While the most recent appraisal valued the land at between $325,000 and $375,000, municipal land managers said they were prepared to go through with a sale anyway.
“We felt it was reasonable to move forward because it appeared the original appraisal was a little bit optimistic,” said HLB land officer Nicole Jones.
There were no bids on the property when it was last offered for sale, “and it appears there has been little interest in the parcel over the last decade,” according to a memorandum given to assembly members before their July 25 meeting. The agency decided to offer it for sale again following a recent inquiry by a local housing developer, Jones said.
The property includes sloping terrain and a utility easement that restricts future development potential, Jones said, and the most recent appraisal reflects those constraints. As it stands, she said, the land could likely be developed into around 7-12 residential lots.
One of several Heritage Land Bank properties in the Chugiak-Eagle River Area, the Jasmine Road parcel is the only one currently being considered for sale, according to the land management agency. Other proposed disbursements — for a high-density housing project at Carol Creek and a local utility project off Eagle River Road — are currently off the table, land managers said.
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