PORT ANGELES — The K.O. Erickson Trust has chosen to continue to market the former Gottschalks building to large retailers in hopes that they will take a closer look at Port Angeles when the economy recovers.
The decision, made by the trust board Tuesday, leaves the door open for a department store to once again set up shop in the 34,900-square-foot, two-story building at 200 W. First St.
In August, the board of the trust, which owns the building, began mulling over whether it should redesign the layout of the building to accommodate up to nine smaller tenants after several months of marketing drew no interest from major retailers.
“We’re still forging ahead with our original plan,” said the trust’s real estate broker, Dan Gase, in a voice-mail message.
Managing Trustee David Storm said: “We figure a department-type of store would be most valuable to downtown. Apparently the recession is over . . . so who knows what could happen?”
The building has housed three department stores — Peoples, Lamonts and Gottschalks — since 1947.
‘Very lucrative market’
If the economy improves enough, Storm said there’s always the opportunity that one of the larger retailers will change its mind.
“I think it’s a very lucrative market for a store to come in,” he said.
“They apparently don’t agree with me.
“They may change their minds. You never know.”
But, Storm added, all options remain on the table, including selling the building.
“None of our options have closed yet,” he said.
He said that if someone buys the building, the trust would use the money from the sale to make new investments, possibly in mortgages or new development.
The trust also owns the Erickson building at 102 and 104 E. First St.
It uses its lease revenue to donate to local charities. That would remain the case if it makes any new investments, Storm said.
“At this point, we need to have our income increased,” he said.
“We have to find something to support that.”
Since Gottschalks closed May 30, five months after the retail chain declared bankruptcy in January, the trust’s annual contribution to charity is expected to drop from $10,000 to about $2,000, Storm said.
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Reporter Tom Callis can be reached at 360-417-3532 or at tom.callis@peninsuladailynews.com.
