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Kenai Peninsula: lease lassoed.


Lease Lassoed. Fred Meyer Inc., the company that promised one of its biggest Alaskan stores would be constructed on the Kenai Peninsula, backed out of a lease with the City of Kenai earlier this year, clearing the way for an expansion by Carr-Gottstein Properties, the commercial real estate division of Carr-Gottstein Inc. of Anchorage. In April, Carr-Gottstein announced plans to build a 60,000-square-foot Carrs Quality Center in Kenai and asked the city council to cancel Fred Meyer's five-year-old lease of prime city property. Kenai City Manager Bill Brighton already had urged Fred Meyer to build this summer or risk losing the lease.

Having spent more than $120,000 a year to lease the land and about $400,000 preparing the property for construction, Fred Meyer cancelled its lease after Carr-Gottstein's announcement. Kenai city officials report that the peninsula's economy and corporate restructuring contributed to the company's change in plans. Carr-Gottstein has announced construction on its new grocery outlet should begin by the summer of 1992.
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Title Annotation:Alaska Business Briefs
Publication:Alaska Business Monthly
Date:Jun 1, 1990
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