Headline

Tacoma Town Center Debt Collection Case Highlights Ongoing Financial Struggles

Tacoma, WALocal News

In a significant legal development, a contractor has secured a summary judgment against Kurtin Properties related to the stalled Tacoma Town Center project, which has only one of its six planned buildings completed. The ruling grants Northwest Cascade priority on its lien, allowing for potential foreclosure as the project grapples with substantial financial difficulties in Washington and Idaho. Kurtin Properties was added to the case after acquiring a parcel linked to the project, complicating the financial situation further. The judgment highlights the ongoing struggles of Galena Equity Partners, which faces millions in debts and multiple lawsuits from contractors and creditors. The site is burdened with over $470,000 in unpaid property taxes.

Northwest Cascade's attorney has expressed a willingness to postpone the sheriff's sale for three months to allow Kurtin time to market the property, but the urgency remains as the contractor seeks to recover significant owed amounts. This case illustrates broader trends of financial distress in mixed-use developments and the challenges faced by real estate investors in the region.

Read original article here.


Related Articles

Tacoma, WALocal News

Wild egg prices have WA restaurants wondering How much will you pay for breakfast?

Rising egg prices, driven by avian flu outbreaks and supply chain disruptions, are creating challenges for breakfast restaurants in Washington state. Owners express frustration over soaring costs, with wholesale egg prices doubling since last year, leading some establishments to consider menu adjustments. The situation underscores the broader implications of agricultural disease on food availability and costs.

Jan 20, 2025Read more
Tacoma, WALocal News

Why Puppyland will pay nearly 4M after WA alleged illegal sales, advertising practices

Puppyland, a pet store based in Puyallup, Washington, has agreed to pay $3.75 million to settle allegations of illegal sales practices and failure to honor health guarantees for puppies. The settlement includes a consent decree requiring the store to implement significant reforms and improve transparency in its business practices.

Jan 20, 2025Read more
Tacoma, WALocal News

Wild egg prices have WA restaurants wondering How much will you pay for breakfast?

Washington State restaurants are grappling with skyrocketing egg prices, driven by avian flu outbreaks and supply chain disruptions. Business owners express significant concern as the cost of eggs has more than doubled, impacting breakfast menus and their bottom lines. The situation has forced many eateries to explore alternatives to traditional egg-based dishes.

Jan 20, 2025Read more