It’s a prime piece of property in the heart of downtown Tacoma, near McMenamins Elks Temple and Old City Hall. Plans for demolition of what’s known as Graffiti Garages, 725 Broadway, and redevelopment into new apartments date back to 2014. Its 3-year development qualification for an 8-year multifamily property tax exemption (MFTE) expires in December.

“Savvy investors cautiously love distressed properties,” said Harrison Laird, a principal with Lee & Associates commercial real estate services. Laird specializes in the sales and leasing of office properties throughout the South Sound.

“Often, publicly known injunctions and notices spur activity on a property, though the investor pool will generally be targeting the absolute minimum bid it’ll take to buy the property,” Laird told The News Tribune.

As The News Tribune reported last year, one lawsuit noted that the property had been used by 725 Broadway LLC to secure a loan that eventually exceeded the property’s value. Its most recent assessed value, according to Pierce County, is at just under $2 million.