It's been a downtown landmark for more than 45 years, but the JCPenney parking garage may be coming down.

The garage was built in 1972. According to Anchorage Community Development Authority Director, Andrew Halcro, the garage needs major investment if it's going to last much longer. Halcro says engineers for ACDA and JCPenney have concluded the aging structure may not be worth a major investment.

"The engineering studies show when you get out past five years, you are going to have to make the determination to make some significant investments," said Halcro. "And the challenge is, when we look at those investments that need to be made, that are required to extend the life, you can't do it. It doesn't make any sense-- it's better to tear the whole thing down and rebuild it."

JCPenney has been trying to sell the garage, but Halcro says their options are limited since whoever purchases it will also need to spend millions to tear it down. He says he plans to travel to Plano, Texas, next week to try and work on a partnership deal with Penney's that would allow the retailer to retain ownership, while ACDA builds a new parking facility and a private developer builds hotels or apartments on the site.

Halcro said ultimately what is built will be up to JCPenney but he thinks it's likely the garage will be coming down within the next few years.

Copyright 2018 KTVA. All rights reserved.


Downtown assemblyman talks safety for Anchorage women 

Downtown restaurant owner: Vandals 'were just being mean' 

Witnesses sought in fatal Downtown New Year's shooting