by Ralph Nichols

Condo sales have resumed at Burien Town Square.

The sales, which began in October, are the first since ST Residential became owner of the seven-story condominium/retail complex with 124 residential units.

They are also the first since building developer Urban Partners was forced to suspend sales in 2009 when the Federal Deposit Insurance Corp. (FDIC) shut down the bank holding their construction loan.

“Since re-launching sales at Burien Town Square in October, we are pleased to report that there have been 11 contracts executed, of which five are with buyers who previously had pre-sale contracts in place,” Peter Marino, spokesman for ST Residential, told The B-Town Blog.

“We have closed three of the 11 contracts at this point,” Marino noted.

“Throughout the country, sales traffic typically slows down during the holiday season and in the early winter months,” he continued.

“We are encouraged by the response and interest in Burien Town Square. We look forward to a strong year of sales in 2012, but we don’t anticipate sales traffic to really pick up until late winter or early spring.”

These new sales are “good news” for the city, said Burien Economic Development Manager Dan Trimble. “I think it will help move completion of the Town Square project forward.”

The second and third phases of Town Square remain undeveloped. Urban Partners owns both parcels, located north of the condo/retail complex and the Library/City Hall building.

Urban Partners has until late January to submit plans for phase two development to the city.

“The other impact” of renewed condo sales “is that merchants on 152nd and 153rd streets and elsewhere downtown will have more customers,” Trimble added.

“That was one of the intentions” for the Town Square project. Merchants and restaurants “have been very patient and hopefully they will see that pay off.”

Only six condos in the complex, which includes 20,000 square feet of still-vacant ground-floor retail space, were sold before sales were halted in 2009.

The resumption of condo sales is ST Residential’s primary focus. The investment group has yet to announce leases of retail space.

In August, David Ploger, first vice president of ST Residential, told Burien City Council members that, even with lingering uncertainties in the housing market, they hoped to have a public launch of condo sales before year’s end.

Expressing confidence at that time in the marketability of the condos, Ploger described them as “very efficient. The floor plans are state of the art. I’ve looked around and I’m not aware of a better condominium complex in the South Seattle area.”

But to help move sales, he also said then that ST Residential would respond to market conditions by lowering condo prices well below the original 2009 prices.

Construction of the Town Square complex, then owned by Urban Partners, the city’s private developer for the project, was completed in June 2009.

But that September, condo sales were halted when the FDIC closed Corus Bank, which had financed construction of the building with a $38.5 million loan.

After the FDIC seized the bank’s assets, including Urban Partners’ loan, ST Residential became holder of its residential construction loan portfolio.

ST Residential is comprised of the FDIC, which holds a 60 percent share of that portfolio, and Starwood Capital Group and four other several private investors.

Urban Partners eventually transferred ownership of the condo/retail complex – avoiding a trustee’s sale of this property, which was in foreclosure – to ST Residential. The FDIC earlier had rejected an offer by Urban Partners to buy back its construction loan.

Urban Partners has since been waiting until after ST Residential resumed condo sales to propose a development plan for phase two of the Town Square project.

Read more of our extensive coverage of Burien Town Square here.

by Ralph Nichols

Mark Twain famously once remarked, in response to an obviously erroneous news story, that “reports of my death have been greatly exaggerated.”

More recently, an announcement that ST Residential would begin marketing and selling housing units in the Town Square condo/retail complex it has owned since late October was modestly exaggerated.

The reality is that determining what asking prices for these condos should be – balancing the interests of ST Residential and prospective buyers – given current market conditions is akin to shooting at a moving target while blindfolded.

And Aug. 1 turned out to be too soon for this mega condo seller to pencil out numbers that work. “I’m still not convinced the [real estate] market is settled today,” David Ploger, first vice president of ST Residential, told Burien City Council members Aug. 15.

But ST Residential is looking toward a public launch of condo sales, “although I can’t guarantee it will happen yet this year,” Ploger added. Still, he voiced confidence in their product and the marketability of the condos.

No mention was made of the building’s 20,000 square feet of vacant retail space on the ground floor, nor did council members inquire about it.

The Town Square condominiums are one of three such properties “we hope to bring to market yet this year,” Ploger said. “I’m very pleased with it…. We’ve concluded over and over that Burien Town Square should be what it was intended to be – owner-occupied units.”

Noting he’s “very pleased with it,” Ploger described the 118 unsold uits as “very efficient. The floor plans are state of the art. I’ve looked around and I’m not aware of a better condominium complex in the South Seattle area.”

About 40 prospective buyers signed contracts and made deposits on units while the property was still owned by Urban Partners. ST Residential reportedly is contacting these buyers individually with modified terms.

Ploger said sales prices established by ST Residential will be “fair to us and give value to the owners.” Those prices are expected to be “more than 35 percent below the original prices” when the seven-story complex opened over two years ago.

In July, new prices for the Town Square condo were placed at approximately $120,000 to $420,000, compared to the original $200,000 to almost $700,000.

Six condos were sold before sales were placed on hold when the Federal Deposit Insurance Corporation (FDIC) closed Corus Bank of Chicago in September 2009.

Corus Bank had financed construction of the building with a $38.5 million loan in 2007 to Urban Partners, the city’s partner as developer of the private components of the still-unfinished Town Square project.

The nation’s housing market began to collapse a year later, eight months before the condo/retail complex opened along with the Burien Library/City Hall building and Town Square Park.

After the FDIC seized the bank’s assets, including Urban Partners’ loan, ST Residential became holder of its residential construction loan portfolio.

ST Residential is comprised of the FDIC, which holds a 60 percent share of that portfolio, and Starwood Capital Group and four other several private investors.

Urban Partners eventually transferred ownership of the condo/retail complex – avoiding a trustee’s sale of this property, which was in foreclosure – to ST Residential. The FDIC earlier had rejected an offer by Urban Partners to buy back its construction loan.

Urban Partners still owns undeveloped parcels within the Town Square area north of both the library/city hall building and the condo/retail complex. It has yet to announce plans for the second phase of private development there.

by Ralph Nichols

Marketing of condominiums in the Town Square complex will take place over the next couple of weeks, with sales resuming on Aug. 1 for the first time since late summer 2009.

Condo prices will average 35 percent below what they were when the seven-story building opened to great expectations two years ago.

The long-anticipated announcement was made Tuesday (July 12) by ST Residential, managing partner of the public-private investment group, which acquired ownership of the condo/retail complex from developer Urban Partners on Oct. 29.

“After carefully studying the market, we have decided to re-open sales at the property,” ST Residential said in a statement released by spokesman Peter Marino. “We look forward to selling these homes and infusing new life into this wonderful property.”

Marino said a market analysis indicates the new lower prices – about $120,000 to $420,000, compared to over $200,000 to almost $700,000 in 2009 – “can support sales.”

While not all of the 118 available condos will initially go on the market, “the majority in the first release of homes are on the top three floors of the building,” he added. “With 30 floor plans, we will be flexible depending on buyer needs.”

Six condos were sold before sales were placed on hold when the Federal Deposit Insurance Corporation (FDIC) closed Corus Bank, which issued the construction loan, in September 2009.

Marino noted that ST Residential has “been actively trying to lease … for a number of weeks” the 20,000 square feet of vacant retail space on the ground floor of the complex. “That marketing program is distinct from the home sales program.”

There has been “considerable” interest, but no retail lease agreements have been closed so far.

The announcement by ST Residential appears to end a lengthy chapter riddled with uncertainty in the history of Burien’s still-young Town Square.

Urban Partners – developer for the private components of the Town Square project – financed construction of the building with a $38.5 million loan from Corus Bank of Chicago in 2007.

The nation’s housing market began to collapse a year later, eight months before the condo/retail complex opened along with the Burien Library/City Hall building and Town Square Park.

After the FDIC seized the bank’s assets, including Urban Partners’ loan, ST Residential became holder of its residential construction loan portfolio.

ST Residential is comprised of the FDIC, which holds a 60 percent share of that portfolio, and Starwood Capital Group and four other several private investors.

Urban Partners eventually transferred ownership of the condo/retail complex – avoiding a trustee’s sale of this property, which was in foreclosure – to ST Residential. The FDIC earlier had rejected an offer by Urban Partners to buy back its construction loan.

Burien City Manager Mike Martin told The B-Town Blog on July 13 that, as of then, ST Residential hadn’t informed the city of its plans to resume condo sales at reduced prices.

But, Martin said, he looks forward to increased retail activity in downtown Burien, which new condo sales are expected to generate.

ST Residential will adhere to requirements of the original development agreement with Urban Partners, he added.

Earlier this year, there was speculation that ST Residential might propose marketing at least some of the units in the condo/retail complex as apartments for rent – a change that would have required an amendment to the development agreement by the city council.

That idea was set aside when the market analysis indicated condos will sell with the new pricing.

Urban Partners still owns undeveloped parcels within the Town Square area north of both the library/city hall building and the condo/retail complex. It has yet to announce plans for the second phase of private development there.

by Ralph Nichols

The privately owned condominium/retail complex in Burien’s Town Square could finally begin filling up next year.

Developer Urban Partners transferred title of its six-story building to BTS Marketing LLC on Oct. 29 – ending more than a year of uncertainty about the future of this mixed-use project.

Chicago-based Corus Bank, which held Urban Partners’ construction loan, was closed and its assets seized by the Federal Deposit Insurance Corporation (FDIC) on Sept. 11, 2009 – just three months after the complex opened.

BTS Marketing is an affiliate of Corus ST Residential – comprised of the FDIC and several private investors – which became holder of the construction loan.

Corus ST Residential assumed ownership of Corus Bank’s residential construction loan portfolio after the bank failed. Corus ST Residential has no connection to now-defunct Corus Bank.

Now that ownership of the building has been transferred – avoiding a trustee’s sale of the Town Square property, which was in foreclosure, or filing for bankruptcy by Urban Partners to avoid a sale – what happens next?

Spokesman Peter Marino told The B-Town Blog:

“ST Residential will spend the next several months determining what additional investments to make in the property and when to re-launch it into the marketplace.”

ST Residential has retained Urban Partners to manage the condo/retail complex. Urban Partners also still owns two vacant parcels that, when eventually developed, will complete the Town Square project in Burien’s city center.

The change of ownership “moves the ball down the field and in that sense is a very good thing,” Burien City Manager Mike Martin said. “We don’t control the economy, but this does begin to position the project for that moment when it does change.”

Dan Rosenfeld at the Town Square opening, June 2009.

Dan Rosenfeld, a founding member of Urban Partners, agreed it “is good in the sense that it frees up a single party to move forward with the sales of condos and the leasing of ground floor retail.”

Although no longer a member of Urban Partners, the city’s private developer of Town Square, he remains an investor in Urban Ventures, which owned the building and owns the two vacant parcels.

ROSENFELD FAULTS OBSTRUCTION BY FDIC
As long as a cloud of uncertainty about their construction loan and continuing ownership of the Town Square property “was over us, we were unable to move forward” with selling condos and leasing retail space, Rosenfeld said.

And he placed the blame for that uncertainty – and for the failure of negotiations between Urban Partners and Corus ST Residential – squarely on the FDIC.

“I am disgusted that the United States government would act as a predator in this community,” Rosenfeld told the B-Town Blog.

“The buyer [BTS Residential/Corus ST Residential] is 60 percent owned by the FDIC. When the lender [Corus Bank] – not the borrower [Urban Partners] – went into default, the FDIC refused to negotiate with us.”

The FDIC “refused to sell us the loan, which we offered to buy at a premium, and refused to negotiate new terms. Instead, the FDIC sold this loan as part of a package to a speculator from New York while keeping a 60 percent interest for the federal government.

“So, in effect, it’s the U.S. government that’s meddling with the real estate market in downtown Burien,” he added. “I think it’s disgusting and that’s not what our government should be doing. None of this would have happened if the FDIC hadn’t intervened….

“We understood the economics of the market. We understood what the prices should be. We understood what should be done to restart sales. But the FDIC … refused to allow us to go forward.”

Rosenfeld said the FDIC has “blown out one development after another [and] the profit goes to the feds. That’s a bad policy for the federal government to have … taking investments from private businesses.”

Given these circumstances, the property transfer “is good for the city of Burien because it will clear up title and allow the owner to complete the sales of condos and the leasing of the ground floor.”

Only six of the building’s 124 condo units were sold and none of its 19,700 square feet of retail space for shops and restaurants was leased before the failure of Corus Bank put marketing them on hold.

“I have no doubt that Burien Town Square will be an outstanding successful project, that every unit will be occupied and all the ground floor leased,” he continued. “That’s what we promised and that’s what the community will get.

“This is a first-class project and it just needs to fill up.”

Rosenfeld said their intent after negotiations failed was for the transfer of title from Urban Partners to BTS Marketing/Corus ST Residential to be “seamless. At this time it is best for the project.”

And he stressed the fact the title “did not go back to the original lender” – the failed bank – “is an important distinction. Urban Partners didn’t default. The lender [Corus Bank] defaulted. We had no bank to negotiate with.”

HISTORY OF THE LOAN
Urban Partners financed construction of the Town Square complex with a $38.5 million loan it secured from Corus Bank of Chicago in 2007.

The nation’s housing market began to collapse a year later, eight months before the complex opened in June 2009 along with the Burien Library/City Hall building and Town Square Park.

When the FDIC closed the bank, which was a major construction lender, it seized the assets of the financial institution. Urban Partners initiated negotiations with the FDIC to buy back its construction loan.

However, ST Residential [now Corus ST Residential] – an investment group formed by the FDIC, Starwood Capital Group and four other private investors – subsequently became the holder of Urban Partners’ Town Square project loan.

The FDIC rejected the offer by Urban Partners and sold a 40 percent share of Corus Bank’s construction-loan portfolio to the investors, while holding a 60 percent ownership interest for the federal government.

When negotiations between Urban Partners and ST Residential stalled, casting doubt on the developer’s ability to retain its ownership of the Town Square property, Urban Partners stopped repaying of the construction loan.

ST Residential responded by filing on July 26 a notice of foreclosure. If Urban Partners did not make a past-due payment of $3.5 million by Sept. 1, the building would be subject to an Oct. 29 trustee’s sale.

Urban Partners owed approximately $34.8 million on its construction loan when the property title was transferred to BTS Marketing/Corus ST Residential last week. Only the 118 unsold condos and retail space are affected.

“We are extremely proud of what we’ve accomplished with the city and the extraordinary building we have given the community,” Paul Keller, principal and founding partner of Urban Partners LLC, said in a news release announcing the title transfer.

“We want to continue to be involved in its success” – now as manager of the mixed-use complex, Keller added.

The release noted “the move came after the venture was unable, after months of good faith negotiations, to restructure the … debt used to help finance the project. After careful consideration … [Urban Partners] decided not to use bankruptcy as a defensive strategy to keep control of Burien Town Square.”

Matt Burton, CFO of Urban Partners.

Matt Burton, principal and chief financial officer of Urban Partners, said “a battle over the property or a contentious bankruptcy proceeding” would have been detrimental.

Neither action would have been “in the best, long-term interest of the project, its residents, the city of Burien or Urban Partners’ long-standing investment in the community.”

Urban Partner was retained by Corus Construction Venture LLC, an arm of BTS Marketing/Corus ST Residential, to provide ongoing management services for the project because of its “historical knowledge” about the Town Square development.

Those factors include Urban Partners’ “knowledge about the building, buyer demographics, retail leasing and competitive properties in the area along with [its] significant relationships with community residents, businesses and city officials.”

ROSENFELD TALKS ABOUT TOWN SQUARE
Despite the bank failure that led to Urban Partners’ transfer of title to the new holder of its construction loan, Rosenfeld remarked, “We’re still very proud of what we did. It’s the finest town square development there is. It’s as good as any in the nation.

“Phase I is there. It will be filled up. I just don’t know how fast they will fill up. And I have no doubt the other blocks will be developed – just not right now. The real estate lending markets have not thawed yet.

“It’s not going to be quick,” he continued. “Nobody’s going to build another 120 condos on speculation. Everyone knows what’s going on in the overall economy. But we will live to see the rest developed and the vision will be completed.”

Rosenfeld began advising the Burien City Council about the development of a town square in the mid-1990s, shortly after incorporation, and is “proud to have played a small part in it.”

Look at what the city has already as the result of the Town Square project, he observed. Ten years ago the site held the educational services building, an empty Gottschalk’s store, and a lot of parking.

Now there is a “wonderful” new city hall and King County Library building, a downtown park that is the center of many community activities, and a condo/retail complex “with gorgeous quality units.”

Everything that has happened in the past year is “just a bump in the road,” Rosenfeld added. “Now we can move forward. We’ll do more.”

So what do YOU think – will condos start selling again at Burien Town Square? Please take our Poll or leave a Comment below:

by Ralph Nichols

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 involvedâ” 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 Gina Bourdage

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.

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.

View Larger Map

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.

View Larger Map