Three years after purchasing a parking garage on Downtown's Broadway corridor, a team of local investors is looking to sell the "ugly, ugly building," to a new entity that would redevelop the property.

The five-story structure, located at 440 S. Broadway, is likely to see significant changes under new ownership, according to broker Mike Condon of Cushman & Wakefield.  Parties that have bid on the property thus far have expressed interest in adding up to two new floors to allow for expanded commercial uses while still retaining some of the existing 220 parking spaces.  Longer term plans could involve razing the building to allow for redevelopment.

A rendering of one potential scheme has been crafted by Downtown architecture firm Omgivning, which shows a new mix of uses that would activate the parking garage's Broadway street wall.

The property is located a half-block south of an upcoming 34-story tower at Broadway and 4th Street, which is being developed by a Chinese-based real estate firm.