In 1971, ANCSA was passed and became Federal law. In response Goldbelt, Incorporated was formed as an urban Native corporation on behalf of those Natives who chose to become Goldbelt shareholders. The corporation has selected 33,000 acres of lands initially chosen for timber and strategic value.
Land selections included 30,000 acres of timber lands in Hobart Bay, 1,400 acres of strategic lands around Echo Cove and 1,600 acres of strategic lands on West Douglas. In addition, Goldbelt purchased, through CP Real Estate, non-ANCSA waterfront properties which includes the Seadrome Office Building and Marina. In yet another transaction Goldbelt acquired the Goldbelt Hotel.