Point Ruston faces debt, lawsuits, and uncertainty

Point Ruston's legal struggles over unpaid debts and foreclosures, including the foreclosure of the Waterfront Market and garage site, underscore the financial challenges facing the development.

Meanwhile, personal legal battles, including disputes involving the son of the original developer, Loren Cohen, involve accusations of asset transfers intended to evade creditors.

There are wider implications for businesses operating within Point Ruston, amidst the backdrop of ongoing litigation and receiverships.

The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories below were reported, written and edited by McClatchy journalists.

The Point Ruston Public Parking garage and Public Market (background) were the focus of a foreclosure decree issued March 29, 2024. They are shown on Tuesday, Oct. 10, 2023. By Tony Overman

NO. 1: POINT RUSTON’S LEGAL BATTLES GROW AS CONDO GROUPS SEEK NEUTRAL PARTY TO GOVERN SITE

The groups cite accountability issues, conflicts of interest and increasing assessments to cover environmental expenses, marketing and legal bills. | Published February 16, 2024 | Read Full Story by Debbie Cockrell

Michael Cohen, developer of Point Ruston LLC at the site of the former ASARCO smelter smoke stack in Ruston, Wednesday October 20, 2010. By Peter Haley

NO. 2: DID POINT RUSTON DEVELOPER CONSPIRE WITH SON TO ELUDE CREDITORS? ESTATE CASE TURNS MESSY

Michael Cohen died in 2020. As a contentious estate battle plays out in federal court, his son, Loren Cohen, denies allegations of wrongdoing. | Published November 4, 2024 | Read Full Story by Debbie Cockrell

The Point Ruston Public Parking garage in Tacoma, Washington, shown on Tuesday, Oct. 10, 2023. By Tony Overman

NO. 3: POINT RUSTON LEGAL BATTLES TURN FOCUS ON DEVELOPER’S SON IN DEBT-COLLECTION PURSUITS

In one case, the litigation has expanded with a lender pursuing lawsuits in Washington and California. | Published March 4, 2024 | Read Full Story by Debbie Cockrell

NO. 4: POINT RUSTON PARCELS INCLUDING WATERFRONT MARKET, GARAGE SITE SET FOR FORECLOSURE SALE

Lender is likely buyer to collect on more than $91 million judgment on construction debt. | Published April 4, 2024 | Read Full Story by Debbie Cockrell

This Point Ruston building (seen in 2020) is the subject of a proposed $8.5 million offer from a Federal Way buyer in a purchase and sales agreement that was filed in Pierce County Superior Court on May 21.

NO. 5: NEW BUILDING OWNER AT POINT RUSTON? BUYER’S OFFER EMERGES IN LATEST COURT FILINGS

The proposed sale of one of three Point Ruston retail sites is on the table amid collection pursuits | Published May 25, 2024 | Read Full Story by Debbie Cockrell

NO. 6: ‘SCRAPPING FOR SOLUTIONS.’ MERCHANTS WORK TO STAY AFLOAT AMID POINT RUSTON’S TROUBLES

They’ve got a new website after running into various obstacles, including objections to using the words “Point Ruston” in marketing efforts. | Published October 2, 2024 | Read Full Story by Debbie Cockrell

Doorman David Cason talks with Keri Hollenbeck (from left), Tilly Villanueva and Desiree Godwin outside of the Unicorn Sports Bar & Grill in Ruston, Washington, Friday, Oct. 25, 2024. By Tony Overman

NO. 7: 90-YEAR-OLD BAR CLAIMS PIERCE COUNTY CITY IS TARGETING IT WITH MIDNIGHT LIQUOR CUTOFF

The bar’s owner said it’s already taken steps to address noisy customers, but neighbors disagree. | Published November 1, 2024 | Read Full Story by Becca Most

This report was produced with the help of AI tools, which summarized previous stories reported and written by McClatchy journalists. It was edited by journalists in our News division.