Developer secures funding for McKay annex

The new year is bringing new life to what is arguably the most recognized architectural eyesore in Anchorage.

Developer Marc Marlow announced Dec. 14 that he has secured funding to renovate the McKay building annex, a three-story office building in the east end of downtown.

He also said he is awaiting approval of a federal loan guarantee to rejuvenate the adjoining, long-empty 14-story McKay building tower into a 100-unit apartment complex.

Marlow said he received a $1.5 million loan from Rock Partners, a group of local investors, and interior work on the 33,219-square-foot annex should be complete by next spring. He's naming it the McKinley Building.

He said the building is a finalist in bidding solicited by the state to relocate the Anchorage Legislative Information Office (LIO) and offices for several Southcentral area legislators. The Anchorage LIO is now located at the corner of Fourth Avenue and G Street.

"We, expect to hear a decision on that by the end of the year," Marlow said.