The sleeping giant awakens.

• Author: Klein, Ken
• Position: Eklutna Inc.

Have you wondered what Native village corporation Eklutna Inc., Anchorage's largest private landowner, has been up to lately?

Plenty, believe me. During the last year, a major shift has occurred in the company's overall leadership effort to maximize long-term value to its shareholders. Under the leadership of new company president Mike Currey, major cuts have been made to streamline overhead. With the majority of its corporate assets in Eagle River, Eklutna has taken steps to relocate its main office there. The company also purchased a good quality office building at a bargain price and let its downtown Anchorage Class "A" building lease expire.

Here are some additional real estate opportunities that Eklutna is pursuing:

1. An agreement in principle has been reached with a local commercial real estate developer on a portion of Eklutna's two-block downtown property to pursue upcoming government "build to suit" proposals.

2. Several responsible residential developers are proposing a master plan to develop several large prime parcels located in Eagle River. A large, year-round recreation facility is being considered for one site, with home sites integrated into the project. Completion of the Hiland Road bridge, coupled with Anchorage's extreme shortage of developable residential lands and the property's numerous natural amenities, have placed the project into an "elite" developer's target list.

3. A new major float-plane lake for the Anchorage bowl may be in the works. Initial discussions with the Federal Aviation Administration indicate an additional navigation safety beacon in Anchorage would be beneficial. With a current waiting list of over 10 years for available float spaces on Lake Hood, this project has already received dozens of inquiries.

4. A senior housing project for elderly shareholders who wish to reside in the Eklutna/Eagle River community may be on the horizon. Several sites are being evaluated, tax-exempt funding is being pursued, and a shareholder construction company has been formed to build the resulting project.

5. Shareholder jobs are being created. Each development proposal asks that Native Alaskan participation contracts be set aside. Fortunately, one of the directors of the shareholder construction company has extensive experience in the excavation business, and he will focus his energies on bidding roadway work next year, as the state's monumental capital projects budget kicks into effect.

6. The company is also building a...