The price of the building reflects the amount owed to the city by the Women's Economic Agenda Project (WEAP) from a 1996 loan of $2.4 million, which was used to buy the building, as well as loan penalties and back taxes.
WEAP housed its own operation in a 5,500-sf space in the building, and leased the remaining office space to other nonprofits. The company was unable to make the building financially self-sufficient and tried to sell it last year. However, it was unable to close a deal.
The city foreclosed on the property earlier this year and the company declared bankruptcy shortly afterward. City officials plan to use the money generated by the sale of the building to finance a new public parking garage on 17th Street, which is being developed by Aegis Realty.
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