Real estate investment company Alaskan Real Estate Investments has bought up several parcels of land in Anchorage, Alaska, and is now looking to turn them into luxury homes.
The Anchorage Real Estate Association says the property owners have agreed to purchase the parcels for $1.3 million each.
The Alaska Real Estate Investment Board approved the deal on April 28, and it will now go to the board for approval.
“Alaska realtors believe they will be able to secure a lot of property for the community and the value of the property will be much higher,” said John Cottrell, Alaskans real estate director at the Alaska Realtors Association.
“The more land we have, the more we can offer the community, and we believe that’s where we’ll find the greatest demand for properties.”
The new parcels include properties in the town of Ketchikan, the surrounding area and other areas.
The properties are owned by real estate investment firm Taconic Real Estate, which has been operating since 2000.
It is the only real estate company in Alaska that focuses on properties in a residential and commercial development.
According to its website, Taconics goal is to offer a wide range of residential, commercial and industrial properties, including apartment complexes, office buildings, retail, and entertainment venues.
Taconic was formed by John and Susan Tacon, who had been together for more than 40 years.
They have been selling properties in Anchorage for more or less a decade, according to the website.
They said that while their real estate business has grown, they are still focused on the development of residential properties in Alaska.
“There is a lot we can do to make our real estate businesses succeed and we are working on it,” said Susan Tonson.
“We’ve always believed in our clients and their desire to see Alaska become more affordable and better for our community,” said David Haskins, president and CEO of Taconicus.
The purchase of the properties in Ketchiks is not the only new development planned for the area.
A new $1 million development is being planned on the north side of town, which is part of a larger development called the Anchorage Development Project.
“The Anchorage Development project will have the capacity to create approximately 7,000 jobs and bring new revenue streams to the town,” according to a news release from the Alaska Development Authority.
“With this project, the Anchorage development team will be leading the way for new housing and retail projects in the community.”
The sale of the Anchorage properties to Taconici, and the other properties in their development project, will help fund their efforts to make the area more affordable.
Titanic is owned by the Alaskian Real Estate Council, which operates a partnership with the city of Anchorage to create affordable housing for the homeless and people with disabilities.
In an interview with Engadgets, Alaska Real Estate Commission Chairman Mike Storrie said he thinks the real estate industry needs to diversify.
“You need to have diversified, and I think that’s something that has been a huge part of the Alaska realtor community since the 1920s and ’30s,” said Storries.
“When you have a lot, you need to diversified to continue to build a market that is sustainable for future generations.”© 2018 ABC News Network, Inc. All Rights Reserved.