Polaris Building
From Wikipedia, the free encyclopedia
| Polaris Building | |
|---|---|
.jpg) The demolition in 2024 | |
 Interactive map of the Polaris Building area | |
| Former names | Polaris Hotel, Northern Lights Hotel |
| General information | |
| Type | Apartments |
| Location | Fairbanks, Alaska, U.S., 123 Lacey Street, Fairbanks, AK 99701 |
| Coordinates | 64°50′38.5″N 147°43′2″W / 64.844028°N 147.71722°W |
| Completed | 1952 |
| Demolished | Demolition started in 2023 |
| Technical details | |
| Floor count | 11 |
The Polaris Building was the tallest building in downtown Fairbanks, Alaska. Constructed in 1952, it served as an 11-story apartment complex that later became the Northern Lights Hotel. However, the building gradually fell into disrepair, ultimately closing its doors after 800,000 gallons of water flooded its basement in 2001. In 2018, the City of Fairbanks foreclosed on the property over unpaid taxes.[1] Demolition of the Polaris Building was completed in late 2025.[2]
The early 1950s were a period of unprecedented growth in Fairbanks as the federal government invested in upgrading Alaska's defenses for the Cold War. Both the Ladd Field and Eielson Air Force Bases saw increases in construction and additional personnel. The economic impact of this was significant and Fairbanks faced a housing shortage, which in turn sparked a building boom. It was at this time, in 1952, that the Polaris building was constructed to create apartments in downtown Fairbanks.[3]
In 1953, a suite of offices opened in the penthouse of the 11th floor of the Polaris Building. E.B. Collins and Charles Clasby opened law offices in this space with a "breathtaking view of downtown Fairbanks".[4]
The rapid economic growth in Fairbanks tapered off by the late 1950s, and by the end of 1957 there were about 1,000 vacancies in the Fairbanks area.[3]
During the Fairbanks flood of 1967, downtown Fairbanks was flooded and the Polaris Building was evacuated. Water was five feet deep in Second Avenue.[5]
The Polaris Building annex was constructed in 1972 and housed the Black Angus Steakhouse.[6] By the 1970s, the top floor of the Polaris Building hosted a restaurant called the Petroleum Club, which was later replaced by a restaurant called Tiki Cove and in the 90's The Raven's Nest opened.[7][6]
In 2001, 800,000 gallons of water flooded the basement of the Polaris building, and the building was abandoned in 2002.[1][8]
Efforts to redevelop the Polaris Building encountered significant challenges and setbacks. Several owners, including Anchorage developer Marc Marlow, sought waivers and tax credits from government agencies to help restore the building. Marlow's plans included transforming the structure into a mixed-use building with office and retail spaces on the ground and top levels, complemented by apartments in between. However, Marlow's vision did not materialize into successful restoration.[9]
The building was condemned in 2012, and a working group was formed in September 2015 to determine the next steps for the building.[7]
