Anyone who is interested in learning more about the new company that is going to do the property management for the now defunct Sheldon Jackson College might be interest in seeing who owns Pacific Tower Properties. You can go to CIRI Subsidiaries by clicking on this link. CIRI.
I have to wonder if they might be the new owners of the Quad?
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In two more weeks the SJC trustees will have to decide whether to sell or just turn over to creditors the property.CIRI is both a holder and manager of property. It would be interesting to know just what value the SJ property has and if the city of Sitka will move in and make a decision about the use of the campus. This may impact the vote on the deep water option before voters.
Maybe the deep water option will shift back to SJ again. CIRI more than likely has the money and power to push for a dock.
ok, for those of us not in Sitka, can you give some more details... a little confused.... what's happening w/ the property?
According to the Friday Sitka Sentinel Chilkat is no longer going to be the property managers. A company called PTP Management will soon be the managers. PTP is owned by CIRI. For more info on CIRI click on the link within the post.
It is still anyone’s guess what is happening. However the board clearly stated that they would do their best to have a buyer by the end of July. I’m only speculating that the buyer very well could be CIRI. It is obvious that SJ doesn’t have the revenue to pay a property management firm so there must be some horse trading going on.
I know that Chilkat touted the revenue that was coming from rentals. My guess is that income is barely pay the fuel bill. The point is no property management firm is going to work for nothing.
I know very little about CIRI, but I’m told by folks I know in Anchorage that CIRI is known for very aggressive property development. Time will tell what role they will play in the development of the SJ property.
I don't know much about CIRI either. But, I do know they are the big kids. When you hear about some native tribe giving away five figure checks to members, that's CIRI.
I really don't know if this is good or bad for SJ, but at least someone competent is in charge, for good or evil.
CIRI could easily afford to turn the campus into a dock/tourist complex. They have the money and experience to pull off a winner with this that few others could. They could sell the rest to pay off SJ's debt and take the core campus for a fraction of its worth as payment for liquidating the rest. Win- win for SJ and CIRI lose - lose for the town.
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