According to the Times, the holders of the building’s loan, Wright Runstad, have put the loan up for bids at Auction.com, a site that specializes in real estate auctions both online and live. A new owner of the loan might move to foreclose, or to renegotiate the $20.5 million outstanding debt on the building.
Wright Runstad has been unable to find a tenant to replace Amazon. The building was considered for a new King County juvenile court and jail last year, and City University also considered relocating to the historic building, but both plans fell through.
The auction will start at 10 a.m. on April 16.
One thought on “PacMed on the auction block”
North Beacon Hillers should be pleased that there are new plans for our beautiful Pac-Med building.
As I do my walk-about almost daily across the grounds, I note how the gardeners keep up the grounds so beautifully.
They change plantings frequently, for the last 2 weeks or so ,after removing pansies , the primroses
in huge pots and around trees are wonderfully tended.
I would hope that the art-deco building ,owned by Pacific Hospital Preservation & Developement Authority, can sell or lease the property. Considering the parking areas, perhaps it could be turned into beautiful condos or apartments. What amazing views from the north and west side at the upper floors. Condos would compete with the luxurious downtown condos.( not inexpensive).
I’m sure new buyers or lessees will have quality plans for the 1934 buildings that are as beautiful
today, as the year it was built. L L NBH
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