Anchorage Daily News

A pair of developers is proposing a new three-story retail, restaurant and office building in the heart of downtown.

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The Town Square Center, at the corner of Sixth Avenue and E Street, would include 11,744 square feet of retail and restaurant space and 24,475 square feet of office space, according to Chris Stephens, a real estate agent who is marketing the development for the developers, brothers Jim and Bill Dankworth, who also own the property.

The site is now a parking lot leased to Diamond Parking Services, sandwiched between Town Square Park and the JC Penney store. The building might connect to JC Penney and Anchorage 5th Avenue Mall next door, according to the developers.

The timing for the project is good, because Town Square Park and the E Street corridor are getting spruced up with new lights, planters and other pedestrian amenities, he said.

The project also may spark interest because vacant office space downtown is also really tight, he said.

"We just thought, 'Boy, now's the time,' " he said.

The Dankworth brothers, who own a local gift shop company and other downtown real estate, hired a Bellevue, Wash.-based firm, Irwin Development Group, to develop the project. The project is modeled on a retail/office center in Bellevue called The Lodge at Bellevue Square.

The project will break ground in the spring if the developers secure lease commitments. Construction could take about nine months, Stephens said.

Find Elizabeth Bluemink online at adn.com/contact/ebluemink or call 257-4317.

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