Juneau, Alaska (KINY) - The pandemic, uncertain economy, and competition in the senior care market led to a request by a local firm to alter its deal with the CBJ.
In August, 2018, Alaska Legacy Partners purchased land from the CBJ at 9290 Hurlock Avenue to develop a senior care facility. The company paid a down payment of $35,000.
In April, 2020 the CBJ received a letter from the company which requested a release on this property due to massive uncertainty in equity and credit markets and the COVID-19 pandemic.
Garrett Schoenberger wrote the CBJ project with Torrey Pines Development to develop a 90 bed assisted living facility one half mile away would be direct, subsidized competition for his project. The CBJ purchased the land for this project in Vintage Park for $3.5 million.
Alaska Legacy Partners wants to sell the property on the open market and remove the requirement from the deal with CBJ that it be used for senior care.
CBJ Municipal Attorney Robert Palmer requested more time to research the issue.