Economy

Tacoma waterfront condo project headed to foreclosure auction

A major downtown Tacoma waterfront condominium project goes on the foreclosure auction block this morning, a victim of bad timing and a tepid economy.

If no last-minute negotiation spares it, the 162-unit Esplanade condominium at 1515 Dock St. will be sold at auction at 10 a.m. today on the second-floor plaza outside the County-City Building.

The notice of sale notes that the owner, Thea Foss Holdings LLC, owes its bankers more than $48 million for the building including late charges and other fees.

Only 11 of the units in the nine-story building have been sold. Those units will not be part of the foreclosure sale. The building also includes retail space both on Dock Street and facing the Thea Foss Waterway.

The building was a project of California developer Mark Ossola who suffered delays in getting it built that left it opening just as the worldwide recession and housing crash were beginning.

That recession deflated the housing market, tightened lending standards and left many projects like the Esplanade, planned in the heady days of the building boom, with a flaccid demand.

If no last-minute negotiation spares it, the 162-unit Esplanade condominium at 1515 Dock St. will be sold at auction at 10 a.m. today on the second-floor plaza outside the County-City Building.

The notice of sale notes that the owner, Thea Foss Holdings LLC, owes its bankers more than $48 million for the building including late charges and other fees.

Only 11 of the units in the nine-story building have been sold. Those units will not be part of the foreclosure sale. The building also includes retail space both on Dock Street and facing the Thea Foss Waterway.

The building was a project of California developer Mark Ossola who suffered delays in getting it built that left it opening just as the worldwide recession and housing crash were beginning.

That recession deflated the housing market, tightened lending standards and left many projects like the Esplanade, planned in the heady days of the building boom, with a flaccid demand.

Read the complete storyat thenewstribune.com

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