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.”
We’d like to open our doors and offer a big “welcome back” to BTB Advertiser Burien Town Square, where model homes are open daily for touring at the only new condominium development of its kind in South King County.
The developer has reduced prices on select homes, with new studio condominiums now starting from just $199,950 one-bedroom+den condos now start at $299,950 and two-bedroom homes now starting at $399,950. Also available are two-bedroom+den condos and Homes on the Park (with two levels of living); and for homeowners who prefer to work from home, Burien Town Square’s live/work lofts feature ground floor retail opening to 6th Avenue for a street-front presence.
Building amenities include a formal lobby entrance, private gated garage parking, a central courtyard garden, fire pit patio, p-patch, and an owner’s lounge that features kitchen, fireplace, patio and outdoor grill area is ideal for entertaining. Plus the library, city park, transit center and local retailers are right outside the front door.
With a view of Mt. Rainier from many homes, Burien Town Square showcases open floor plans, oversized windows and three distinct designer color palettes. Gourmet kitchens feature granite countertops and backsplash, stainless steel GE appliances, and solid wood cabinetry. Each residence includes a GE Spacemaker washer and dryer, and many homes feature walk-in closets and a deck or balcony. Many top floor homes also feature soaring vaulted ceilings. Burien Town Square also utilizes energy- and water-efficient features, which allow residents to save money while also helping the environment.
Burien Town Square is unique in its ability to offer a property tax abatement to homeowners, which equals hundreds of dollars saved every month. Coupled with the $8,000 federal tax credit for first-time homeowners, these programs amount to significant savings for Burien Town Square homebuyers.
If you haven’t toured Burien Town Square yet, it’s a great time to come see their furnished models and learn more about their new pricing or tax incentives, amenities and views.
Stop by today – model home tours start at the presentation center, located at 455 SW 152nd Street in Burien and open daily from 12-6 p.m.
For more information about Burien Town Square, please call (206) 901-0000 or visit www.burientownsquare.com.
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by Since discussions began in October of 2003 to build an urban community center, devoid of the need to drive to find world class cuisine, shopping and entertainment, the city of Burien and its residents and residents-to-be have been eagerly awaiting the grand opening of the new much hyped mini metropolis known at the Town Square.
On June 13th, a very successful grand opening of a new city hall and library allowed people to experience firsthand the fruits of Burien’s growth and economic development. Many notable names spoke and praised the city for all it has achieved. New condos stand just to the west of the city hall building, towering with possibilities for those who can reach into their pockets and afford a lifestyle that promises to offer comfort, convenience and a sort of laid back luxury for its owners. With about one third sold as of June 2009, the condos, once only viewable via one floor plan in a model version are now open to be explored.
But what about the “mixed use neighborhood” feeling that is being promised? The stores that will offer residents the chance to leave their car at home (or in the garage in this case) and leisurely stroll along the city streets with virtually everything they will need within a comfortable walking radius?
Don’t get me wrong – I, as a resident of Burien (not of the new town square) already enjoy our local restaurants, stores and services, but there has long been an expectation and promise of more to come for not just the town square residents, but the rest of us as well. This is where the new leasing agency Leibsohn & Company stepped in after a recent switch in representation of the retail spaces available in the new town square. With spaces available from 1, 128 up to 7,315 square feet, there is really an unlimited amount of opportunities for any potential retailer from the smallest boutique to chain restaurant.
According to Ron Waldbaum, the current listed prices are shown at $28-$32 per square foot, however; “We are ready to talk and make deals.”
Mr. Waldbaum has a personal connection to the city of Burien and is very enthusiastic to see it succeed. When asked what types of business he would like to ideally see move into the vacant spaces he said: ones that would be of benefit to the residents making it nearly unnecessary for them to have to do more than walk down the street for all of the things they might need. Coffee shops, paper products, salons and spas and a variety of culinary options would be the ideal candidates.
“For interested retailers being the first to lease a space would be of great benefit. We are willing to customize the space as needed for their business,” said Waldbaum. “We can break up the larger spaces or design something that works to fill them, whatever the client may need.”
For the time being however, no official leases have been signed, but serious interested parties have been in contact with the Leibsohn & Company agents. We as residents will have to keep our fingers crossed that our beautiful new town square does not become reminiscent of a ghost town.
Saturday morning ’round 10am will mark the grand opening celebration of Burien’s new Town Square/Library/Transit Center, and if you happen to not be able to attend, you can watch the fun live right here via the streaming video below:
| Sep ’08 |
| 23 |
| 7:00 pm |
We heard rumors about this all summer, and now it looks like it’s true according to the City of Burien – the Ruth Dykeman Children’s Center, located on SW 152nd (with prime waterfront property on Lake Burien) is proposing to change its area zoning permit from “Special Planning Area 2″ to “Moderate Density Residential Neighborhood and High Density Multi-Family Neighborhood.”
The City of Burien will be holding a public meeting about it on Tuesday, Sept. 23 at 7pm, at 15811 Ambaum Blvd. SW (Suite C) to receive public comments.
From what we understand, the owners of the Ruth Dykeman Children’s Center are looking to develop two waterfront properties with single family homes, plus two single-family homes directly behind them. To the back and left of that would be multi-family housing. Whether or not they want lake access for the multi families or for the two houses in back is still in question.
Here are the meeting details:
- Public hearing will be Tuesday, Sept. 23rd at 7pm
- Meeting will be at 15811 Ambaum Blvd. SW, Suite C (map below) to receive public comments on the application
- The Agent for Ruth Dykeman Children’s Center is R.W. Thorpe and Associates Inc., Jennifer Lee, ASLA
- Proposed Change Comprehensive Plan map designation is from Special Planning Area 2 to Moderate Density Residential Neighborhood and High Density Multi-Family Neighborhood; as well as to change the zoning designation from Special Planning Area 2 (SPA-2) to RS-7,200 and RM-18
- File is available for viewing at Burien City Hall during regular business hours
- Any person may submit written or oral comments or testimony at the public hearing, or may submit written comments prior to the hearing. Written comments may be submitted in person, via mail, e-mail or by facsimile. All documents submitted or requested as part of this application, including the City staff report are available for review at City Hall during regular business hours.
- Contact for the City of Burien:
David Johanson, AICP, Senior Planner
Department of Community Development, City of Burien
15811 Ambaum Blvd. SW (Suite C)
Burien, WA 98166
Phone: (206) 248-5522
E-Mail: DavidJ@burienwa.gov
Stay tuned to the B-Town Blog for further developments on this, including some upcoming interviews with Lake Burien-area residents opposed to the proposed zoning change.
The B-Town Blog is proud to welcome its latest Advertiser – Burien Town Square!
Burien Town Square is that major new development in the heart of downtown Burien that’s changing the shape of the entire area.
You’ve probably seen the crane, driven past the workers and watched the amazingly quick progress of the growth – but have you really explored what’s going to be there?
At completion, Burien Town Square will have as much as 70,000 square feet of retail at the base of over 400 condominium units. The Square is situated on approximately 10 acres and includes a one-acre park, a brand new King County Library and the future Burien City Hall.
The centerpiece of the downtown B-Town revitalization, Burien Town Square will serve as a centerpiece destination for an untapped trade area of over 50,000 employees and nearly 100,000 residents with average household incomes of just under $80,000. When complete, the project will feature ample surface and garage retail parking throughout, making it easy to dine, shop and spend quality time.
We’ve personally toured the demo unit, and can say from experience that the residences at Burien Town Square are very nicely designed. 
There’s a mix of one and two-bedroom condominiums (some with dens), townhomes, and live/work lofts. And with open floor plans and plenty of light, views (look, there’s Mt. Rainier!) and a resurgent walkable neighborhood, this will be a wonderful place to call home.
All homes feature high-quality designs and finishes, with many upgrade options available. You’ll be proud to entertain here, and happy to spend time at home.
If that’s not enough for you, how about this: homes at Burien Town Square qualify for a 10-year tax abatement under the City of Burien’s tax exemption program. That means 10 full years of property tax savings to homeowners!
So click on their Ad in the lower right sidebar, check out their fun and highly-interactive website, and/or drop into their Presentation Center, which is open daily from 12 Noon to 6pm and located at 455 SW 152nd Street in downtown Burien (map below).
Or for more information, call (206) 901-0000 or complete their residential inquiry form.
