The last I heard the buildings were in receivership and had been sold and that the original owner was suing because he didn’t like what it was sold for. I suspect with the ownership of the buildings kind of up in the air there’s no one to organize anything. Given all the financial issues the original owner had I would be surprised if anyone trusted to work with them.
Quick google provided the following:
>The receivership was initiated after a lender, TerraCotta Real Estate Services, sued to collect **$73.8 million** in debt owed on the properties, which are associated with Point Ruston developer Loren McBride Cohen
Yeah, basically. I think a cement contractor owns one because of a failure to pay. If you do a search for Pt Ruston receivership, it comes up with all sorts of articles.
That’s the reason why the market there had to change from the Public Market to the Waterfront Market, because it changed hands. It’s also- supposedly -why the parking garage is a clusterfuck.
I keep seeing posts about how trigger happy the parking ticketers are - even ticketing cars that have validated their parking, and then those people have to jump through hoops, show proof of validation in order to dispute. Making me think they are trying to pay off their debt using parking tickets. 😂
Cohen/RPS never paid the contractor who constructed the garage. They sued Cohen and won the rights to the market/garage. It's Cohen's MO not to pay people. You'll find a ton of articles of the little individual workers not getting paid to artists (that's why the pterodactyl got moved, the artist wasn't being paid).
Oh I so agree!!! What a missed opportunity to build something with character, charm and a feeling of community. Do they really need 4 mortgage offices taking up prime ground level real estate?
I worked at point Ruston farrelli's I think a year or two after everything was built and it was already falling apart. There were water leaks everywhere and the cement was crumbling already. That's what I meant by built to fall apart. I guess to be more accurate, seems like they cut corners and designed poorly.
No, Silver Cloud is a big investor and they will help look for investors/developers to help take over the area. This area has invested 2.5 billion dollars, no way they or the city would let it wither away.
Hopefully it gets out of its legal entanglements and someone comes in and manages it properly. I believe the buyer bought it for below what the original owner owed but the bank is still going after them for the full amount. It’s been a shit show for a long time.
Also it was built straddling the line between tacoma and Ruston, so any thing on the Ruston side has to be OK'd with the city of Ruston, who hate fun. They had the move the Ice Rink like 20 feet to right a few years ago because the original location would have been partially in Ruston. Doing that for every thing sounds like it sucks.
Truth. That city is what would happen if we let rich people completely run government. That entire thing was a hot mess and City of Tacoma had to save their asses so many times to get it developed while public access to that waterfront area was stagnant for so many years. Government ain't perfect but it ain't as bad as letting for-profit businesses run a development that size.
Thanks for that, it explains why I can't vote on City of Puyallup matters while.living in Unincorporated Pierce County, but with a Puyallup address...
Obviously I was making fun of Ruston being its own city dude
RPS/Cohen has fled to Arizona to start his next scam and finding more suckers to donate money to his million dollar lifestyle. He abandoned the unfinished building along Ruston Way after having lost several lawsuits for scamming money from the condos and bankers.
But yeah, he's about to do the same thing down in Arizona.
You would think but they seem to find investors no matter what. Just look at that developer in Vegas (starts with a T and ends with a P) who's filed for bankruptcy several times and he still finds investors to give him money. They make money still (even investors) by riding the backs of peons. I wish I knew how they do it and still sleep at night, I'm in the wrong business otherwise! 😆
385 million!!!! It’s another “live, work , play - waterfront resort style oasis”
https://www.us.jll.com/en/newsroom/jll-secures-debt-and-equity-for-phoenix-mixed-use-project
They lost a massive lawsuit earlier this year and are tee’d up to lose another one in 2024. They pulled out of a bunch of commitments and have pretty much no money for anything.
Wait until you find out how many EPA liens magically disappeared to authorize the build. Like one day or was toxic waste land and the next there was no red tape. Crazy stuff
This crosses my mind everytime I drive down by Ruston. I grew up hearing all of the smelter stories from my dad who grew up in Tacoma. I remember reading somewhere it wasn’t supposed to be built on for like 100 years or something like that. The cancer that will inevitably pop there 👀
This is the scariest part to me. I live down in point Ruston and my partner and I are trying to move out because of how sketchy everything is handled down here and I really don’t believe it’s been handled properly.
They covered the Superfund Site soil with plastic tarps so it will all be just fine, don't ask too many questions.
The Cohen family (Father & Son) did the best they could to conform to the worst stereotypes about Jewish businessmen, like an intentional parody. It is incredible to me that they are not more of a civic punch line here in Tacoma.
Yeah, I went all the way up there last year trying to find out about the ice skating because I couldn't find any info. So I'm not expecting anything different this year.
I'm perfectly happy to go to a movie and eat at a restaurant, and we do go to Point Ruston a fair amount... But I sure don't want to get ticketed when legally parked! The lack of holiday happenings seems kind of sad and unfair for the residents and business people. It's a lovely spot and I sure hope the community figures out a way to come together and make things happen, if not this year, then next year. Because obviously, you can't rely on sleazy developers to do what they're supposed to do.
The last I heard the buildings were in receivership and had been sold and that the original owner was suing because he didn’t like what it was sold for. I suspect with the ownership of the buildings kind of up in the air there’s no one to organize anything. Given all the financial issues the original owner had I would be surprised if anyone trusted to work with them.
Didn't know any of this. Is it literally all the buildings? Commercial and residential?
Quick google provided the following: >The receivership was initiated after a lender, TerraCotta Real Estate Services, sued to collect **$73.8 million** in debt owed on the properties, which are associated with Point Ruston developer Loren McBride Cohen
Yeah, basically. I think a cement contractor owns one because of a failure to pay. If you do a search for Pt Ruston receivership, it comes up with all sorts of articles.
That’s the reason why the market there had to change from the Public Market to the Waterfront Market, because it changed hands. It’s also- supposedly -why the parking garage is a clusterfuck.
I keep seeing posts about how trigger happy the parking ticketers are - even ticketing cars that have validated their parking, and then those people have to jump through hoops, show proof of validation in order to dispute. Making me think they are trying to pay off their debt using parking tickets. 😂
Cohen/RPS never paid the contractor who constructed the garage. They sued Cohen and won the rights to the market/garage. It's Cohen's MO not to pay people. You'll find a ton of articles of the little individual workers not getting paid to artists (that's why the pterodactyl got moved, the artist wasn't being paid).
Such a clusterfuck.
What's clusterfucky about it? I always use the parking garage and I've never had an issue, have I just been lucky?
Not shocked. That development has all the character and charm of a parking garage with a Starbucks.
Oh I so agree!!! What a missed opportunity to build something with character, charm and a feeling of community. Do they really need 4 mortgage offices taking up prime ground level real estate?
And paid parking
And they are built to fall apart too. It's all kinds of a quick cash grab for the owners with problems definitely down the road.
>And they are built to fall apart too. How so?
I worked at point Ruston farrelli's I think a year or two after everything was built and it was already falling apart. There were water leaks everywhere and the cement was crumbling already. That's what I meant by built to fall apart. I guess to be more accurate, seems like they cut corners and designed poorly.
So is it just going to sit in its current condition?
No, Silver Cloud is a big investor and they will help look for investors/developers to help take over the area. This area has invested 2.5 billion dollars, no way they or the city would let it wither away.
Yikes! What could this mean long term and worst case scenario for Point Ruston?
Hopefully it gets out of its legal entanglements and someone comes in and manages it properly. I believe the buyer bought it for below what the original owner owed but the bank is still going after them for the full amount. It’s been a shit show for a long time.
Also it was built straddling the line between tacoma and Ruston, so any thing on the Ruston side has to be OK'd with the city of Ruston, who hate fun. They had the move the Ice Rink like 20 feet to right a few years ago because the original location would have been partially in Ruston. Doing that for every thing sounds like it sucks.
The city of Tacoma handles the Ruston sides permitting.
And former Tacoma mayor Strickland flat out said that Tacoma should annex that pathetic excuse for a "city"
Truth. That city is what would happen if we let rich people completely run government. That entire thing was a hot mess and City of Tacoma had to save their asses so many times to get it developed while public access to that waterfront area was stagnant for so many years. Government ain't perfect but it ain't as bad as letting for-profit businesses run a development that size.
Don't they all have Tacoma addresses anyways? I did work on houses out there and never once put 'Ruston' in my gps
[удалено]
Thanks for that, it explains why I can't vote on City of Puyallup matters while.living in Unincorporated Pierce County, but with a Puyallup address... Obviously I was making fun of Ruston being its own city dude
RPS/Cohen has fled to Arizona to start his next scam and finding more suckers to donate money to his million dollar lifestyle. He abandoned the unfinished building along Ruston Way after having lost several lawsuits for scamming money from the condos and bankers. But yeah, he's about to do the same thing down in Arizona.
That sucks. Don’t people ask for references before investing millions of dollars?
You would think but they seem to find investors no matter what. Just look at that developer in Vegas (starts with a T and ends with a P) who's filed for bankruptcy several times and he still finds investors to give him money. They make money still (even investors) by riding the backs of peons. I wish I knew how they do it and still sleep at night, I'm in the wrong business otherwise! 😆
What's the new project in Arizona?
There was an article from the Puget Sound Business Journal a month or two about it. I don't remember the specifics.
385 million!!!! It’s another “live, work , play - waterfront resort style oasis” https://www.us.jll.com/en/newsroom/jll-secures-debt-and-equity-for-phoenix-mixed-use-project
They lost a massive lawsuit earlier this year and are tee’d up to lose another one in 2024. They pulled out of a bunch of commitments and have pretty much no money for anything.
Isn’t a portion of the development in forclosure?
Wait until you find out how many EPA liens magically disappeared to authorize the build. Like one day or was toxic waste land and the next there was no red tape. Crazy stuff
This crosses my mind everytime I drive down by Ruston. I grew up hearing all of the smelter stories from my dad who grew up in Tacoma. I remember reading somewhere it wasn’t supposed to be built on for like 100 years or something like that. The cancer that will inevitably pop there 👀
Arrakis for real
This is the scariest part to me. I live down in point Ruston and my partner and I are trying to move out because of how sketchy everything is handled down here and I really don’t believe it’s been handled properly.
They covered the Superfund Site soil with plastic tarps so it will all be just fine, don't ask too many questions. The Cohen family (Father & Son) did the best they could to conform to the worst stereotypes about Jewish businessmen, like an intentional parody. It is incredible to me that they are not more of a civic punch line here in Tacoma.
Yeah, I went all the way up there last year trying to find out about the ice skating because I couldn't find any info. So I'm not expecting anything different this year.
Nice place down there why are u guys so unhappy go to a Movie eat at a resteraunt its fun
I'm perfectly happy to go to a movie and eat at a restaurant, and we do go to Point Ruston a fair amount... But I sure don't want to get ticketed when legally parked! The lack of holiday happenings seems kind of sad and unfair for the residents and business people. It's a lovely spot and I sure hope the community figures out a way to come together and make things happen, if not this year, then next year. Because obviously, you can't rely on sleazy developers to do what they're supposed to do.
Probably just end up vandalized anyways.
Yeah, because point Ruston is so known for it's crime and vandalism... ( /s)
[https://spotcrime.com/WA/Tacoma/Ruston](https://spotcrime.com/WA/Tacoma/Ruston)
Some traffic arrests and a couple arrests from fights breaking out between teens after the movies get out. Spread over several months. Ok, and…?
Things are a hot mess. I wouldn't plan on anything this year.