Um, that's the story they wish to push in this day and age.  Hickel's original plan for the Captain Cook was a joint venture with Michel Halbouty (whose nephew, Tom Kelly, was Hickel's DNR commish, BTW) involving a pair of 11-story buildings on the north side of Third Avenue.  This was in 1959, not right after the earthquake.  A strike by the Carpenters' Union caused a delay: this complex, the Westward Tower (also scaled back from original plans) and the Port of Anchorage were all supposed to start construction during the 1959 season, which fell by the wayside once the strike occurred.  Evidently, Hickel's project was no longer as big a priority once construction started up again.  He built the Northern Lights Center instead.