Borough officials have officially released a six-page summary of their hopes for the Wrangell Institute Property.
The prospectus, which is designed to attract as many potential developers as possible, estimates the property’s worth at $1,625,000, and lists the plot’s size as 134 acres. Officials released the prospectus two weeks ago, and marks a new foray by the borough into real estate match-making. A single firm had notified the city that they had downloaded the proposal as of last week. The prospectus’s listed closing date is May 22.
“The goal of the City and Borough of Wrangell is to develop the property to the benefit of the community for economic development and diversification,” the prospectus reads in part. “The Borough Assembly will review any proposal for its economic merit, long-term sustainability, and impacts to the Borough.”
Borough officials aren’t sure what to expect, said Economic Development Officer Carol Rushmore.
“This is something we haven’t done before that I’m aware of,” she said.
The Institute property has been the subject of a long-running public debate since the then-City of Wrangell acquired the property in 1996. The public has at various times considered the property a potential housing tract, a resort, an educational facility, a high-end recreational vehicle park, or a low-impact commercial site.
The prospectus, a real estate pitch to prospective developers, was designed to cast as wide a net as possible, while also maintaining the well-being of the residents of nearby Shoemaker Bay Subdivision, Rushmore said.
“They will entertain any proposal,” she said. “It doesn’t mean that it will be pursued.”
Rushmore gave heavy industry as one potential use that could prove problematic for residents in nearby houses.
“Any plans would be reviewed, there could be presentations, there could be phone calls, we’re not sure how that’s going to work until we see what comes back,” she said. “If there’s something the assembly wants to pursue, there’d be further negotiations.”
If on the other hand, demand for the property is low, officials could conceivably extend the trial period for the prospectus, or eventually turn the property into an over-the-counter sale, Rushmore added.
“It very well could be that we extend it,” she said. “It very well could be that it just becomes over the counter. At this point, they wanted a three-month period to see.”
“We have no idea what could be out there,” she added.
What isn’t likely is a low-profile sale or development, Rushmore said. The land is now too highly valued to be sold without a public hearing, Rushmore added.
“If the assembly tries to dispose of any asset of more than a million dollars, it has to go in front of the people,” she said.
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