by With only five of the 124 condominiums at Town Square sold to date, more than five months after the grand opening of this complex in June, prospective buyers and those anticipating future downtown development in Burien wonder if condo prices might be lowered.
This question has been raised in the weeks since Chicago-based Corus Bank – the construction lender for Urban Partners, the private developer of the condo/retail complex in Town Square – was seized by the Federal Deposit Insurance Corporation (FDIC) on Sept. 11.
Corus Bank’s deposits were sold, then the FDIC conducted a private auction for the remaining assets. Now Starwood Capital Group, TPG Capital, Perry Capital and WLR LaFrak have acquired an equity interest in a limited liability corporation that will hold the construction loans and real estate-owned assets of Corus.
“The $4.5 billion portfolio consists of more than 100 loan and (real estate-owned) assets linked to high-quality condominiums, multi-family housing, office properties, and land representing nearly 23 million square feet,” according to a recent news release from this investment consortium.
Urban Partners, however, has yet to comment publicly on whether it might reduce the prices of its Town Square condos – phase one of the planned Town Square project. A primary reason for this is that it’s not a simple matter of lowering those prices, despite the fact that the investment consortium purchased the construction loans of Urban Partners and others well below their original value.
Two or three or even more banks usually are involved in large construction and real estate loans, notes Burien Economic Development Manager Dick Loman. This, in turn, creates a slow and involved process for a developer to obtain permission from lenders before it can make a corresponding reduction in its housing prices.
In the meantime, Loman says, Urban Partners is “hanging in there. They’re not leaving town. They’re trying to do the right thing. I know that Urban Partners wants to meet the market, but they can’t act until they receive a green light for moving forward. This means that (Town Square condo) prices aren’t going to go down without permission from the bank.”
Burien City Manager Mike Martin emphasizes that “no public money is involved” in the Town Square condo-retail complex. “There is no financial to the taxpayers” because the Urban Partners’ development is privately financed.
But, he adds, “We do want to see them fill up sooner than later.”
| Sep ’09 |
| 24 |
| 5:00 pm |
BTB Advertiser BECU is holding a free seminar called “Surviving in Today’s Economy” on Thursday, Sept. 24th from 5pm to 6:30pm at the Woodmont Library in Des Moines.
Here are the details:
WHAT: Free “Surviving in Today’s Economy” seminar
WHEN: Thursday, Sept. 24th from 5pm to 6:30pm
WHERE: Woodmont Library, 26809 Pacific Highway S., Des Moines, WA
COST: NO COST. NO OBLIGATION. REGISTER TODAY.
INFO: Space is limited – call 206-439-5910, visit www.becu.org or stop by any BECU Neighborhood Financial Center to register.
Sponsored by BECU Neighborhood Financial Center, whose free seminars are led by experienced financial educators.
BECU staffers Truyen, Angela, David (branch manager) Tina in front of
their Neighborhood BECU location in Redondo.
Welcome Our Latest Advertiser: BECU (Boeing Employees Credit Union)!
BECU is the largest credit union in Washington with assets of $8.2 billion with over 540,000 members. It is one of the top five financial cooperatives in the United States. As a not-for-profit financial cooperative, BECU is owned by its members, and its earnings are returned to the members in the form of better interest rates and lower fees for services.
BECU “walks the walk and talks the talk” when it comes to giving back to the communities they serve. We interviewed the managers of the BECU offices in our coverage area to see if they’re ‘walking and talking’.
David Paice, Manager of Redondo BECU located at 25250 Pacific Highway South in Fred Meyer’s – right when you walk in the door! David was born to manage with BECU. He was 19 when he started there, and less that seven years later he was branch manager. He’s been with BECU for over nine years, and during this time he went to school and got his MBA. His thoughts on BECU:
“It’s a great place to work.BECU provides a great environment and culture for our employees and members. Finally we have a great involvement with our communities.”
And speaking of involvement, in addition to managing the Redondo branch, David has thrown himself into volunteering in the communities he serves. He’s most particuarly interested in education and the issues of children. A board member for the Des Moines Legacy Foundation which raises funds for both the Senior Activity Center and youth at risks. It is a not for profit organization entering it’s 10th year in Des Moines.
He is also on the Highline Community College Foundation Board. David’s been on the board of the Highline Fund For Excellence which raises money and awareness of the Highline School District. Currently he is co-chair of this years’ Highline Fund For Excellence awards program on May 29th.
He joined the Des Moines Rotary Club two years ago, and is an active participant in their Poverty Bay Wine Festival. Monies raised from this event help children and students in the area.
David is a product of the Highline School District, and owes a lot of what he’s achieved in life to his association with HSD. A Tyee grad, and former Burien resident, David and his wife recently relocated to house four blocks from the house he grew up in. Not on purpose, they liked the house!
After we left David and his BECU Neighborhood Financial Center in Kent/Des Moines, we journied North to the BECU Tukwila Financial Center, at 12770 Gateway Drive.
Branch Manager Tricia Singer was glad to show us around the facility. In this BECU center, there’s 29 tellers, and 31 consulatants. The drive-thru accommodates six cars (see photo below).
Tricia’s been with BECU for 6 years, and a branch manager for over a year. When it comes to serving her community her “passion is the Tukwila Food Pantry, which serves Tukwila, and parts of Burien and SeaTac.” She grew up on food bank food, so she understands its importance to a community. She’s on the board and volunteers with her 13-year old daughter. She’s also recruited several tellers and bankers to volunteer.
Repeating David’s sentiments about BECU being such a great place to work, she added that at BECU it’s all about the members.
“When we say we’re here for the members, we are. With any decision made we ask ‘what is the benefit for our members?’” Tricia added.
Tricia serves on the Employee Involvement Committee which encompasses the Annual Member Scholarships for high school graduates and undergraduates that last year distributed over $1 million to 500 receipients who excelled in academics, leadership and displayed a passion for helping others. She also works on the annual Ebay Auction for Children’s Miracle Netork, which will be held June 1 – 11.
A graduate of Evergreen High School, Tricia is a lifelong resident of the unincorporated Highline area.
In the Burien area you can find BECU banking ATMs at Fred Meyer and Five Corners. You can see David and his staff at the Redondo Branch, or visit Tricia at the BECU Banking Center 12770 Gateway in Tukwila.
Membership is no longer limited to Boeing Company employees and their families. All Washington state residents are now eligible to join BECU. The minimum deposit required to join is $5.
So, click on their ad, visit a branch, and start your relationship with BECU today!
UPDATE 9/1/09: An email tip leads us to believe that Burien Nissan will be re-opening in mid-September – read the latest here.
As we first reported last Friday (March 13th), longtime auto dealer Burien Nissan had its entire lot of new cars (around 100) hauled away within the span of two days.
It may appear that the dealership has, or is, going out of business – but it’s not, according to Sales Manager John Antonelli:
“There are 1,900 Nissan Dealerships in the United States. 900 of them are in the same situation that Burien Nissan is in.
There are also around four other Nissan Dealerships in the State of Washington in the same situation.
Any Nissan Dealership that has a dual franchise like a Ford,Chevy,Dodge ect and that is Floored and collateralised with NMAC. NMAC will pull your flooring and make you find a New flooring bank for all of your New and Used Cars that are 2004 or newer without enough ample time to do so.
We are open for business as usual for Sales,Parts, and Service.
This could take days or even weeks to get a new flooring bank.
We would like to say thank you very much to our customers and the businesses in our surrounding area for all your support and phone calls.
This means alot to us that we have a great community that really cares about Burien Nissan and our employees.”
We will continue to follow this story as it develops, and will bring you more updates as they happen.
PREVIOUS COVERAGE:
Police are searching for a bank robber they call the “Candyman” bandit, because he has been seen eating a lollipop and chewing gum during his robberies, one of which was in Burien, according to the FBI.
The bandit is believed to be responsible for at least four bank robberies in the past two weeks in the Seattle area, including one as recent as Tuesday morning, and another one on May 17th in Burien.
Police said in each robbery, the man presented a handwritten note to a teller demanding money, all while eating candy.
A weapon has never been displayed, although the bandit implied he had one in the first robbery.
The man is described as a black male, 5 feet 8 inches to 5 feet 10 inches tall, medium build, medium complexion, bald head, and police said until Tuesday’s robbery, a mustache.
Here are two still images taken from a security cam:
The FBI believes he is responsible for the following bank robberies:
- 5:30 p.m. on May 14, 2008, at the Wells Fargo Bank at 1763 4th Ave. S. in Seattle
- 9:50 a.m. on May 17, 2008, at the US Bank at 14641 1st Ave. S. in Burien
- 9:34 on May 19, 2008, at the Qualstar Credit Union at 1731 4th Ave. S. in Seattle
- 9:30 a.m. on May 27, 2008, at the Rainier Pacific Bank at 35007 Enchanted Pkwy. in Federal Way
Anyone with information is asked to call the FBI immediately at (206) 622-0460.
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In the meantime, in the interest of cyber-justice (and comedy), we here at the B-Town Blog are releasing our own special virtual mugshot lineup, in hopes that one of the citizens pictured below will be recognized by one of our intrepid readers and thusly turned in, saving not only our local citizens, but our precious candy supply from dwindling:
And here’s further proof – exclusive video taken from the security cam of the “Candyman”:
