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	<title>The B-Town (Burien) Blog &#124; Named &#34;Best Hyperlocal Website&#34; in the Northwest by Society of Professional Journalists &#187; Retail</title>
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		<title>Burien Town Square Condo Sales Resume With 11 Sold Since October</title>
		<link>http://www.b-townblog.com/2011/12/12/burien-town-square-condo-sales-resume-with-11-sold-since-october/</link>
		<comments>http://www.b-townblog.com/2011/12/12/burien-town-square-condo-sales-resume-with-11-sold-since-october/#comments</comments>
		<pubDate>Mon, 12 Dec 2011 21:16:47 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
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		<guid isPermaLink="false">http://www.b-townblog.com/?p=39991</guid>
		<description><![CDATA[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 [...]]]></description>
			<content:encoded><![CDATA[<p><strong><img class="alignleft" src="http://b-townblog.com/wp-content/images/townsquare3.jpg" alt="" width="330" height="182" />by <a href="mailto:ranichols2@yahoo.com" target="_blank">Ralph Nichols</a></strong></p>
<p><strong>Condo sales have resumed at Burien Town Square.</strong></p>
<p>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.</p>
<p>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.</p>
<p>“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,” <strong>Peter Marino</strong>, spokesman for ST Residential, told The B-Town Blog.</p>
<p>“We have closed three of the 11 contracts at this point,” Marino noted.</p>
<p>“Throughout the country, sales traffic typically slows down during the holiday season and in the early winter months,” he continued.</p>
<p>“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.”</p>
<p>These new sales are “good news” for the city, said Burien Economic Development Manager <strong>Dan Trimble</strong>. “I think it will help move completion of the Town Square project forward.”</p>
<p>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.</p>
<p>Urban Partners has until late January to submit plans for phase two development to the city.</p>
<p>“The other impact” of renewed condo sales “is that merchants on 152nd and 153rd streets and elsewhere downtown will have more customers,” Trimble added.</p>
<p>“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.”</p>
<p>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.</p>
<p>The resumption of condo sales is ST Residential’s primary focus. The investment group has yet to announce leases of retail space.</p>
<p>In August, <strong>David Ploger</strong>, 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.<img class="alignright" src="http://b-townblog.com/wp-content/images/burientownsquarevig500.jpg" alt="" width="331" height="248" /></p>
<p>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.”</p>
<p>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.</p>
<p>Construction of the Town Square complex, then owned by Urban Partners, the city’s private developer for the project, was completed in June 2009.</p>
<p>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.</p>
<p>After the FDIC seized the bank’s assets, including Urban Partners’ loan, ST Residential became holder of its residential construction loan portfolio.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>Read more of our extensive coverage of Burien Town Square <a href="http://www.b-townblog.com/index.php?s=%22burien+town+square%22+%2Burban" target="_blank"><strong>here</strong></a>.</p>
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		<title>ST Residential &#8216;Pleased&#8217; With Town Square Condos, Looks Toward &#8216;Public Launch&#8217;</title>
		<link>http://www.b-townblog.com/2011/08/17/st-residential-pleased-with-town-square-condos-looks-toward-public-launch/</link>
		<comments>http://www.b-townblog.com/2011/08/17/st-residential-pleased-with-town-square-condos-looks-toward-public-launch/#comments</comments>
		<pubDate>Wed, 17 Aug 2011 13:58:35 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
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		<guid isPermaLink="false">http://www.b-townblog.com/?p=35904</guid>
		<description><![CDATA[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 [...]]]></description>
			<content:encoded><![CDATA[<p><strong><img class="alignleft" src="http://b-townblog.com/wp-content/images/burientownsquarevig_thumb.jpg" alt="" width="150" height="150" />by <a href="mailto:ranichols2@yahoo.com">Ralph Nichols</a></strong></p>
<p><strong>Mark Twain famously once remarked, in response to an obviously erroneous news story, that “reports of my death have been greatly exaggerated.”</strong></p>
<p>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.</p>
<p>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.</p>
<p>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,” <strong>David Ploger</strong>, first vice president of ST Residential, told Burien City Council members Aug. 15.</p>
<p>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.</p>
<p>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.</p>
<p>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.”</p>
<p>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.”<img class="alignright" src="http://b-townblog.com/wp-content/images/burientownsquare-sign1.jpg" alt="" width="245" height="158" /></p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>After the FDIC seized the bank’s assets, including Urban Partners’ loan, ST Residential became holder of its residential construction loan portfolio.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
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		<title>UPDATE: New Ross Dress For Less Holding &#8216;Soft Opening&#8217; FRIDAY At 9:30</title>
		<link>http://www.b-townblog.com/2011/07/14/b-town-biz-new-ross-dress-for-less-will-open-on-friday-july-15th/</link>
		<comments>http://www.b-townblog.com/2011/07/14/b-town-biz-new-ross-dress-for-less-will-open-on-friday-july-15th/#comments</comments>
		<pubDate>Fri, 15 Jul 2011 00:55:05 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
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		<description><![CDATA[UPDATE 7/14/11: After reading a Comment (thanks tiffani) about this, we called the new Burien Ross Dress for Less store (206-243-8881) and discovered that yes indeed, they will be holding a &#8216;soft opening&#8217; this FRIDAY morning, July 15th at 9:30 a.m. Originally we were told that it would open July 15th, then corrected to Saturday, [...]]]></description>
			<content:encoded><![CDATA[<p><strong><span style="text-decoration: underline;">UPDATE 7/14/11</span>: After reading a Comment (thanks <em>tiffani</em>) about this, we called the new Burien Ross Dress for Less store (206-243-8881) and discovered that yes indeed, they will be holding a &#8216;soft opening&#8217; this FRIDAY morning, July 15th at 9:30 a.m.<br />
</strong></p>
<p>Originally we were told that it would open July 15th, then corrected to Saturday, July 16th, and amid all the confusion (perhaps this is a planned publicity stunt?) we have updated this post now three times.</p>
<p>The <strong>Grand Opening</strong> date though will be this SATURDAY, JULY 16th. A &#8216;soft opening&#8217; means they are not 100% prepared, and they may close the store after only a few hours.</p>
<p>The new Ross Dress for Less is located at 15716 First Ave South in Burien.</p>
<p>The store was was granted temporary occupancy on June 30 from the City of Burien, and they&#8217;ve been in the process of loading in merchandise and training employees.</p>
<div class="wp-caption aligncenter" style="width: 500px"><img src="http://www.b-townblog.com/wp-content/images/rossdressforlessreflect.jpg" alt="" width="490" height="633" /><p class="wp-caption-text">A worker is reflected in the glass as he lowers himself down in this photo taken on May 23, 2011.</p></div>
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		<title>B-TOWN BIZ: &#8216;Balloons And Cupcakes&#8217; Hoping To Open 2nd Week Of June</title>
		<link>http://www.b-townblog.com/2011/05/26/b-town-biz-balloons-and-cupcakes-hoping-to-open-2nd-week-of-june/</link>
		<comments>http://www.b-townblog.com/2011/05/26/b-town-biz-balloons-and-cupcakes-hoping-to-open-2nd-week-of-june/#comments</comments>
		<pubDate>Fri, 27 May 2011 04:29:47 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
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		<description><![CDATA[Recently we reported that Infusion Tea &#38; Coffee (and its short-lived replacement Juxtapose Cafe), had closed, and that the space would serve as the new home to &#8216;Balloons And Cupcakes,&#8217; which we just learned is slated to open the second week of June. So, like any good, award-winning local Journalist who can&#8217;t get enough of [...]]]></description>
			<content:encoded><![CDATA[<p><strong><img class="alignleft" src="http://b-townblog.com/wp-content/images/openingsoonsign_thumb.jpg" alt="" width="150" height="150" />Recently we <a href="http://www.b-townblog.com/2011/05/23/b-town-biz-buriens-infusion-tea-coffee-brews-its-last-cup-closes/" target="_blank">reported</a> that Infusion Tea &amp; Coffee (and its short-lived replacement Juxtapose Cafe), had closed, and that the space would serve as the new home to &#8216;Balloons And Cupcakes,&#8217; which we just learned is slated to open the second week of June.<br />
</strong></p>
<p>So, like any good, <a href="http://www.b-townblog.com/2011/05/21/society-of-professional-journalists-names-b-town-blog-best-hyperlocal-website/" target="_blank"><strong>award-winning local Journalist</strong></a> who can&#8217;t get enough of the balloons and cupcakes beat, we investigated further, tracking down <strong>Lee Falley</strong>, the Des Moines-based owner of the store. Lee and his wife <strong>Shannon</strong> own another &#8216;Balloons and Cupcakes&#8217; shop in Des Moines, and this new Burien one will be their second.</p>
<p>Far as we can tell, this new business will be the only one (north of Des Moines at least) that will be serving up both balloons and cupcakes in the Burien area.</p>
<p>We say <em>yay</em>!</p>
<p>Here&#8217;s a Q&amp;A we conducted with Lee:</p>
<blockquote><p><strong>Q: When are you opening?</strong><br />
A: We will be opening as soon as our health permit arrives, plus the time it will take to have the city sign off; unfortunately the Health Department process is taking longer than expected. We are now hoping to be open the second week of June.</p>
<div class="wp-caption alignright" style="width: 310px"><img src="http://b-townblog.com/wp-content/images/DMcupcakesshop.jpg" alt="" width="300" height="227" /><p class="wp-caption-text">A &#39;Balloons and Cupcakes&#39; store is also located at 22307 Marine View Drive South in Des Moines.</p></div>
<p><strong>Q: Are you affiliated with the shop in Des Moines?</strong><br />
A: We are affiliated with the shop in Des Moines, Myself (Lee Falley) and my wife (Shannon Falley) are the owners in Des Moines and plan to make this Burien location number 2. We also have a Mobile Cupcake Bus that you will probably see around town quite a bit at different festivals and local events.</p>
<p><strong>Q: What will you be carrying (besides balloons &amp; cupcakes)?</strong><br />
A: In addition to Balloons and Cupcakes we will be offering espresso, grilled cheese sandwiches and an assortment of &#8220;old school&#8221; candies such as Saltwater Taffy, candy sticks and giant whirly pops. We will also host cupcake decorating parties and we will have an assortment of gift and party favor items.</p>
<p>Our main goal is to become the one stop event shop for everything from desserts to decorations, eliminating the need to travel to the Southcenter area. We are a full service balloon and cupcake company offering, not only retail, but delivery and event set-up as well. More information can be found at <a href="http://www.balloonsandcupcakes.com" target="_blank"><strong>www.balloonsandcupcakes.com</strong></a> (also known as Balloon Wizards and Baby Cakes Northwest).</p>
<p>I have grown up in the Des Moines and Burien areas, I went to grade school at Gregory Heights and Graduated from Mt. Rainier HS. I love this area and hope to be able to provide a valuable service and create great relationships with the community for many years to come.<br />
Thanks again Scott!</p>
<p>Cheers,<br />
<em> Lee Falley</em></p>
<p>Balloon Wizards + Baby Cakes Northwest = <strong><a href="http://www.balloonsandcupcakes.com/" target="_blank"><strong>www.balloonsandcupcakes.com</strong></a></strong><br />
Ph: 206.350.0450</p></blockquote>
<p><strong>The new store will be located at 15607 1st Ave South in Burien.</strong></p>
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		<title>B-TOWN BIZ: New Ross Dress For Less To Open In Burien &#8216;Sometime In July&#8217;</title>
		<link>http://www.b-townblog.com/2011/05/24/b-town-biz-new-ross-dress-for-less-to-open-in-burien-sometime-in-july/</link>
		<comments>http://www.b-townblog.com/2011/05/24/b-town-biz-new-ross-dress-for-less-to-open-in-burien-sometime-in-july/#comments</comments>
		<pubDate>Tue, 24 May 2011 22:52:59 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Featured Stories]]></category>
		<category><![CDATA[Headlines]]></category>
		<category><![CDATA[Life]]></category>
		<category><![CDATA[b-town biz]]></category>
		<category><![CDATA[Burien]]></category>
		<category><![CDATA[clothing]]></category>
		<category><![CDATA[Construction]]></category>
		<category><![CDATA[new]]></category>
		<category><![CDATA[news]]></category>
		<category><![CDATA[opening]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[ross dress for less]]></category>
		<category><![CDATA[store]]></category>

		<guid isPermaLink="false">http://www.b-townblog.com/?p=32621</guid>
		<description><![CDATA[Last December, we first reported that a new Ross “Dress For Less” department store will be opening at the space formerly occupied by Office Depot at 15716 1st Ave South, and now we have confirmation that it will be opening within two months. Scott Schaefer dropped by the site Monday afternoon (May 23rd) and took [...]]]></description>
			<content:encoded><![CDATA[<p><strong>Last December, we first <a href="http://www.b-townblog.com/2010/12/10/new-ross-dress-for-less-to-open-in-former-office-depot-spot/" target="_blank">reported</a> that a new Ross “Dress For Less” department store will be opening at the space formerly occupied by Office Depot at 15716 1st Ave  South, and now we have confirmation that it will be opening within two months.<br />
</strong></p>
<p><strong>Scott Schaefer</strong> dropped by the site Monday afternoon (May 23rd) and took the following pics:</p>
<div class="wp-caption aligncenter" style="width: 500px"><img src="http://www.b-townblog.com/wp-content/images/rossdressforlessfront500.jpg" alt="" width="490" height="367" /><p class="wp-caption-text">Workers spent most of Monday painting the exterior walls where signage will be installed.</p></div>
<div class="wp-caption aligncenter" style="width: 498px"><img src="http://www.b-townblog.com/wp-content/images/rossdressforlessint.jpg" alt="" width="488" height="365" /><p class="wp-caption-text">A peek inside shows that there&#39;s still a way to go before the store opens for business.</p></div>
<div class="wp-caption aligncenter" style="width: 500px"><img src="http://www.b-townblog.com/wp-content/images/rossdressforlessreflect.jpg" alt="" width="490" height="633" /><p class="wp-caption-text">A worker is reflected in the glass as he lowers himself down.</p></div>
<p>While we were there we spoke with the construction foreman, who told us to expect the store to open &#8220;sometime in July.&#8221;</p>
<p>Crews are making modifications on the space, including re-wiring the electrical and other major work.</p>
<p><strong>As we learn more information about what will surely become one of Burien&#8217;s biggest retail shops, we&#8217;ll update the blog, so stay tuned!</strong></p>
<p>&nbsp;</p>
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		<title>Major Highline-Area Shoplifting Ring Busted By Joint Local Police Task Force</title>
		<link>http://www.b-townblog.com/2011/05/19/major-highline-area-shoplifting-ring-busted-by-joint-local-police-task-force/</link>
		<comments>http://www.b-townblog.com/2011/05/19/major-highline-area-shoplifting-ring-busted-by-joint-local-police-task-force/#comments</comments>
		<pubDate>Fri, 20 May 2011 05:24:15 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Crime]]></category>
		<category><![CDATA[Featured Stories]]></category>
		<category><![CDATA[Headlines]]></category>
		<category><![CDATA[Life]]></category>
		<category><![CDATA[Burien]]></category>
		<category><![CDATA[cops]]></category>
		<category><![CDATA[Drugs]]></category>
		<category><![CDATA[news]]></category>
		<category><![CDATA[Normandy Park]]></category>
		<category><![CDATA[Police]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[shoplifting]]></category>
		<category><![CDATA[White Center]]></category>

		<guid isPermaLink="false">http://www.b-townblog.com/?p=32444</guid>
		<description><![CDATA[by Ralph Nichols Kingpins and operatives in a major shoplifting ring responsible for stealing millions of dollars in merchandise from Burien, Normandy Park and White Center stores have been taken off the streets by local law enforcement officers. The year-long criminal investigation was conducted by a special Burien-Normandy Park police task force and the King [...]]]></description>
			<content:encoded><![CDATA[<p><strong><img class="alignleft" src="http://www.b-townblog.com/wp-content/images/policebadge_thumb.jpg" alt="" width="150" height="150" />by <a href="mailto:ranichols2@yahoo.com">Ralph Nichols</a></strong></p>
<p><strong>Kingpins and operatives in a major shoplifting ring responsible for stealing millions of dollars in merchandise from Burien, Normandy Park and White Center stores have been taken off the streets by local law enforcement officers.</strong></p>
<p>The year-long criminal investigation was conducted by a special Burien-Normandy Park police task force and the King County Sheriff’s Office, working in close cooperation with retail theft and loss prevention personnel.</p>
<p>King County Prosecuting Attorney <strong>Dan Satterberg</strong> announced May 19 that <strong>Chanthou Rim</strong>, 38, and <strong>Sara Kong</strong>, 40, have been charged with 11 counts of attempted trafficking in stolen property, attempted possession of stolen property, and conspiracy to commit organized retail theft.</p>
<p>Also charged with criminal solicitation, Rim and Kong, who have a SeaTac address, allegedly used &#8220;thieves to enter retail grocery and other stores to steal merchandise,&#8221; according to prosecutor’s charging papers.</p>
<p>Rim, Kong and eight other alleged members of the shoplifting ring were arrested last Oct. 4. Rim and Kong face between four to five years in prison if convicted.</p>
<p>“It was an extremely successful [law enforcement] operation,” Burien Police Sgt. <strong>Henry McLauchlan</strong> told The B-Town Blog. “We have been working on this case to close up loose ends since then, including working with the prosecutor’s office.”</p>
<p>Elements of the investigation remain ongoing.</p>
<p>Satterberg said dozens of shoplifters worked for the ring – some stealing nearly $1,000 worth of products off store shelves each day and allegedly selling the stolen merchandise to Rim and Kong for money to support their heroin addictions.</p>
<p>An estimated $5 million of merchandise was stolen from store shelves in South King County alone. McLauchlan said the shoplifting ring extended throughout King County – “north county, south county, east county, west county, everywhere.”</p>
<p>Satterberg added, “What we are talking about today are people who direct armies of shoplifters.” This ring and another similar operation in King County, which was also broken, represent just a fraction of an enormous regional and national problem.</p>
<p>Many of the stolen retail items were illegally exported to Cambodia, often smuggled in cars being shipped there, he noted.</p>
<p>McLauchlan said police departments in South King County were notified by regional Safeway management last year that their stores in the area “were experiencing extreme thefts, and that they had developed potential information about a potential shoplifting ring.”</p>
<p>Both Burien and Normandy Park police “started independent investigations related to the shoplifting ring … once it was determined that they were running parallel investigations” the two departments formed a joint task force.</p>
<p>This marked the first time McLauchlan can recall when officers and detectives from these police departments, theft and loss prevention managers from large retail stores, and the King County Sheriff’s Office and Prosecutor’s Office worked together in a major investigation.</p>
<p>The long-term investigation, which included undercover operations, involved surveillance that resulted in “watching them steal from stores, then sell to the main fence … and the transportation and delivery of stolen property. All of this resulted in multiple arrest and search warrants.”</p>
<p>Beyond disrupting the shoplifting ring, police “established a task force relationship between Burien and Normandy Park, bringing both agencies closer together, as well as working with the retail theft and loss prevention folks and developing a good relationship with them.”</p>
<p>And the Burien-Normandy Park task force was “extended through the King County Sheriff’s Office,” McLauchlan added.</p>
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		<title>Burien Town Plaza Shopping Center Sold By Wesbild To Merlone Geier</title>
		<link>http://www.b-townblog.com/2011/04/11/burien-town-plaza-shopping-center-sold-by-wesbild-to-merlone-geier/</link>
		<comments>http://www.b-townblog.com/2011/04/11/burien-town-plaza-shopping-center-sold-by-wesbild-to-merlone-geier/#comments</comments>
		<pubDate>Mon, 11 Apr 2011 17:43:28 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
				<category><![CDATA[Business]]></category>
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		<category><![CDATA[Life]]></category>
		<category><![CDATA[Burien]]></category>
		<category><![CDATA[burien town plaza]]></category>
		<category><![CDATA[Merlone Geier]]></category>
		<category><![CDATA[news]]></category>
		<category><![CDATA[property]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[realty]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[shopping center]]></category>
		<category><![CDATA[sold]]></category>
		<category><![CDATA[wesbild]]></category>

		<guid isPermaLink="false">http://www.b-townblog.com/?p=30925</guid>
		<description><![CDATA[Burien Town Plaza, located just north of Burien Town Square and home to businesses like Bartells, Staples, Saar&#8217;s and Ace Hardware, was sold recently by Wesbild to private equity group Merlone Geier, according to a press release. &#8220;Merlone Geier acquired Burien Town Plaza as part of their growth strategy,&#8221; reads the release. Wesbild had owned [...]]]></description>
			<content:encoded><![CDATA[<p><img class="aligncenter" src="http://b-townblog.com/wp-content/images/burientownplaza.jpg" alt="" width="500" height="238" /><strong></strong></p>
<p><strong>Burien Town Plaza, located just north of Burien Town Square and home to businesses like Bartells, Staples, Saar&#8217;s and Ace Hardware, was sold recently by Wesbild to private equity group Merlone Geier, according to a <a href="http://www.wesbild.com/about/news/2011/04/wesbild-sells-westwood-village-and-burien-town-plaza" target="_blank">press release</a>.</strong></p>
<p>&#8220;Merlone Geier acquired Burien Town Plaza as part of their growth strategy,&#8221; reads the release.</p>
<p>Wesbild had owned Town Plaza since 2004, and undertook a major  renovation which was completed in 2008 which increased the size of the  shopping center from 126,000 to 140,000 square feet.</p>
<p>“We are leaving Burien Town Plaza in good hands.” said <strong>David Laronde</strong> of Wesbild.</p>
<p>Wesbild also sold Westwood Village in West Seattle to Bentall Kennedy, which acquired it on behalf of Multi-Employer Property Trust (MEPT).</p>
<p>“We are delighted to acquire a Class A retail property that combines stable income from popular anchor tenants with an opportunity to increase cash flow as the economy improves”, said <strong>Jim Howard</strong> of Bentall Kennedy. “Its strong performance is anchored in a tenant roster that serves the daily and necessity shopping needs of value-conscious consumers”.</p>
<p>Westwood Village was acquired by Wesbild in 1990 and subsequently redeveloped into a prominent lifestyle centre. “We have truly enjoyed watching this center and its tenants grow to be a key part of the West Seattle community,” said David Laronde of Wesbild, “We realized our goal of re-positioning and re-tenanting the center into a true community shopping experience and hope it continues to be a community gathering place for years to come.”</p>
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		<title>Normandy Park Towne Center Purchased By Tully&#8217;s Founder Tom O&#8217;Keefe</title>
		<link>http://www.b-townblog.com/2011/04/09/normandy-park-towne-center-purchased-by-tullys-founder-tom-okeefe/</link>
		<comments>http://www.b-townblog.com/2011/04/09/normandy-park-towne-center-purchased-by-tullys-founder-tom-okeefe/#comments</comments>
		<pubDate>Sat, 09 Apr 2011 17:35:56 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
				<category><![CDATA[Business]]></category>
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		<category><![CDATA[development]]></category>
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		<category><![CDATA[Normandy Park]]></category>
		<category><![CDATA[normandy park towne center]]></category>
		<category><![CDATA[O’Keefe Companies]]></category>
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		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[sold]]></category>
		<category><![CDATA[tom o'keefe]]></category>

		<guid isPermaLink="false">http://www.b-townblog.com/?p=30882</guid>
		<description><![CDATA[by Ralph Nichols Tukwila-based O’Keefe Companies, whose principal and managing director Tom T. O’Keefe is the founder and past chairman of Tully’s Coffee, has acquired Normandy Park Towne Center. O’Keefe told The B-Town Blog he will rejuvenate the 53,000-square-foot, single-story retail space, and is planning a grand re-opening for the community – and the five [...]]]></description>
			<content:encoded><![CDATA[<p><strong><img class="alignleft" src="http://b-townblog.com/wp-content/images/NPTowneCenterSold_thumb.jpg" alt="" width="150" height="150" />by <a href="mailto:ranichols2@yahoo.com">Ralph Nichols</a></strong></p>
<p><strong>Tukwila-based O’Keefe Companies, whose principal and managing director Tom T. O’Keefe is the founder and past chairman of Tully’s Coffee, has acquired Normandy Park Towne Center.</strong></p>
<p>O’Keefe told The B-Town Blog he will rejuvenate the 53,000-square-foot, single-story retail space, and is planning a grand re-opening for the community – and the five businesses now there – sometime in May.</p>
<p>Towne Center, at 1st Ave. S. and S. 199th St., opened in 2007 but soon was mired in financial difficulties brought on by the nationwide recession.</p>
<p>Things only got worse when a major improvement project to 1st Ave. through Normandy Park was delayed by problems with a contractor, which proved costly to businesses in the new development and discouraged other retailers from locating there.</p>
<p>Columbia Bank of Tacoma, the construction lender, took the property back in December after the original developer defaulted on its loan. O’Keefe Companies closed its purchase on March 31.</p>
<p>“I will put on a very creative leasing campaign to fill with tenants space that has never been occupied,” O’Keefe said. “Currently five businesses are operating there. The bad news is that they’ve been operating by themselves for a number of years.</p>
<p>“I have met individually with every business owner and they are excited about my plans to fill the space that will rejuvenate their businesses as they had planned for” when they moved in.</p>
<p>Normandy Park City Manager <strong>Doug Schulze</strong> said in a statement, “This acquisition is very significant and a positive step toward the creation of a vibrant and successful commercial area.</p>
<p>“O’Keefe Companies has the experience, motivation and financial ability to bring new businesses to Normandy Park Towne Center.”</p>
<p>O’Keefe Companies develops, acquires and manages office buildings, industrial buildings, retail centers and multi-family projects in the greater Puget Sound area, including RiverPoint Corporate Center in Tukwila.<img class="alignright" src="http://b-townblog.com/wp-content/images/NPTowneCenterlogo.jpg" alt="" width="160" height="179" /></p>
<p>The group formed within O’Keefe Companies that took title to Normandy Park Towne Center is Medina Fund Four LLC.</p>
<p>“I’m the manager of the LLC,” he said. “O’Keefe development will be the property manager. We manage everything we own.”</p>
<p>He became interested in Normandy Park Towne Center, which includes four new buildings, when it became available last year. “Unfortunately with the market timing, the original developer lost the title given the economy. I was able to buy it at a very competitive price from the bank.</p>
<p>“I’m a big believer in the demographics in the neighborhoods of Normandy Park,” O’Keefe continued. “And this is what I do for a living. I develop new commercial projects or buy what’s referred to as value add, which is competitively priced.”</p>
<p>O&#8217;Keefe Development Corporation was established in 1986 and since then has developed or acquired over 3,800,000 square feet of projects valued at approximately $400 million.</p>
<p>Prior to that, O&#8217;Keefe was a commercial real estate broker for nine years with Coldwell Banker Commercial Real Estate Services in Seattle.</p>
<p>He founded Tulley’s Coffee in 1992, but his only affiliation with Tully’s today is as its largest shareholder.</p>
<p>O’Keefe and his wife, Cathy, have also been actively involved in community organizations for over 30 years. Their charitable efforts focus largely on the health, education and welfare of the children – including cystic fibrosis and juvenile diabetes – in the Puget Sound region.</p>
<p>This involvement is one of the reasons why he met with Schulze before closing the deal. “My goal is to immediately immerse this project in community programs,” including art shows and fundraisers in the short term.</p>
<p>Beyond the commercial potential of his Towne Center, O’Keefe is eying the possibility of leasing space for a new Normandy Park City Hall, police station, parks and recreation center and, “most importantly, for a new city library.&#8221;</p>
<p>“Maybe there are opportunities for some of those uses at this location,” he added. “We’re going to have various discussions about those opportunities. I acquired this as a retail center but there is an opportunity for municipal services as this location.”</p>
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		<item>
		<title>Will Change In Ownership Of Town Square Clear Way For Renewed Sales?</title>
		<link>http://www.b-townblog.com/2010/11/02/will-change-in-ownership-of-town-square-clear-way-for-renewed-sales/</link>
		<comments>http://www.b-townblog.com/2010/11/02/will-change-in-ownership-of-town-square-clear-way-for-renewed-sales/#comments</comments>
		<pubDate>Tue, 02 Nov 2010 16:50:43 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
				<category><![CDATA[Business]]></category>
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		<category><![CDATA[burien town square]]></category>
		<category><![CDATA[city hall]]></category>
		<category><![CDATA[condominiums]]></category>
		<category><![CDATA[corus]]></category>
		<category><![CDATA[dan rosenfeld]]></category>
		<category><![CDATA[financing]]></category>
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		<guid isPermaLink="false">http://www.b-townblog.com/?p=25305</guid>
		<description><![CDATA[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 [...]]]></description>
			<content:encoded><![CDATA[<p><strong><img class="alignleft" src="http://b-townblog.com/wp-content/images/burientownsquarevig_thumb.jpg" alt="" width="150" height="150" />by <a href="mailto:ranichols2@yahoo.com">Ralph Nichols</a></strong></p>
<p><strong>The privately owned condominium/retail complex in Burien’s Town Square could finally begin filling up next year.</strong></p>
<p>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.</p>
<p>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.</p>
<p>BTS Marketing is an affiliate of Corus ST Residential – comprised of the FDIC and several private investors – which became holder of the construction loan.</p>
<p>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.</p>
<p>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?</p>
<p>Spokesman <strong>Peter Marino</strong> told The B-Town Blog:</p>
<blockquote><p>“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.”</p></blockquote>
<p>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.</p>
<p>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.”</p>
<div class="wp-caption alignright" style="width: 203px"><img src="http://b-townblog.com/wp-content/images/DanRosenfeld-4.jpg" alt="" width="193" height="222" /><p class="wp-caption-text">Dan Rosenfeld at the Town Square opening, June 2009.</p></div>
<p><strong>Dan Rosenfeld</strong>, 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.”</p>
<p>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.</p>
<p><strong>ROSENFELD FAULTS OBSTRUCTION BY FDIC</strong><br />
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.</p>
<p>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.</p>
<p>“I am disgusted that the United States government would act as a predator in this community,” Rosenfeld told the B-Town Blog.</p>
<p>“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.”</p>
<p>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.</p>
<p>“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….</p>
<p>“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.”</p>
<p>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.”</p>
<p>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.”</p>
<p>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.</p>
<p>“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.</p>
<p>“This is a first-class project and it just needs to fill up.”</p>
<p>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.”</p>
<p>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.”</p>
<p><strong><img class="alignleft" src="http://b-townblog.com/wp-content/images/logo-corus.gif" alt="" width="175" height="53" />HISTORY OF THE LOAN</strong><br />
Urban Partners financed construction of the Town Square complex with a $38.5 million loan it secured from Corus Bank of Chicago in 2007.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>“We are extremely proud of what we’ve accomplished with the city and the extraordinary building we have given the community,” <strong>Paul Keller</strong>, principal and founding partner of Urban Partners LLC, said in a news release announcing the title transfer.</p>
<p>“We want to continue to be involved in its success” – now as manager of the mixed-use complex, Keller added.</p>
<p>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.”</p>
<div class="wp-caption alignright" style="width: 149px"><img src="http://b-townblog.com/wp-content/images/mattburton.jpg" alt="" width="139" height="168" /><p class="wp-caption-text">Matt Burton, CFO of Urban Partners.</p></div>
<p><strong>Matt Burton</strong>, principal and chief financial officer of Urban Partners, said “a battle over the property or a contentious bankruptcy proceeding” would have been detrimental.</p>
<p>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.”</p>
<p>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.</p>
<p>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.”</p>
<p><strong>ROSENFELD TALKS ABOUT TOWN SQUARE</strong><br />
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.</p>
<p>“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.</p>
<p>“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.”</p>
<p>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.”</p>
<p>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.</p>
<p>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.”</p>
<p>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.”</p>
<p><strong>So what do YOU think – will condos start selling again at Burien Town Square? Please take our Poll or leave a Comment below:</strong></p>
Note: There is a poll embedded within this post, please visit the site to participate in this post's poll.
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		<title>Advertiser Zizia Celebrates Its Third Anniversary With 20% Off</title>
		<link>http://www.b-townblog.com/2010/09/23/advertiser-zizia-celebrates-its-third-anniversary-with-20-off/</link>
		<comments>http://www.b-townblog.com/2010/09/23/advertiser-zizia-celebrates-its-third-anniversary-with-20-off/#comments</comments>
		<pubDate>Thu, 23 Sep 2010 13:03:16 +0000</pubDate>
		<dc:creator>Scott Schaefer</dc:creator>
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		<description><![CDATA[Anna Vornbrock of Advertiser Zizia told The B-Town Blog this week that: &#8220;I&#8217;d like to say thank you to my super awesome customers by extending 20% OFF all (non sale) merchandise from now through Saturday, October 2nd. We&#8217;ve recently received fresh shipments from the following: Jeweler, Naomi Campos Houston Llew Spirit Tile Papaya art panels, [...]]]></description>
			<content:encoded><![CDATA[<p><strong><img class="alignleft" src="http://b-townblog.com/wp-content/images/zizialogo_thumb.jpg" alt="" width="150" height="150" />Anna Vornbrock of Advertiser <a href="http://www.facebook.com/pages/Burien-WA/Zizia/127650283931686" target="_blank">Zizia</a> told The B-Town Blog this week that: </strong></p>
<blockquote><p>&#8220;I&#8217;d like to say thank you to my super awesome customers by extending <strong>20% OFF</strong> all (non sale) merchandise from now through Saturday, October 2nd.</p>
<p>We&#8217;ve recently received fresh shipments from the following:</p>
<ul>
<li>Jeweler, Naomi Campos</li>
<li>Houston Llew Spirit Tile</li>
<li>Papaya art panels, giclees, and 2011 calendar</li>
<li>Halloween decorations</li>
<li>PJ Salvage pajamas<br />
Funky Chunky Chocolate</li>
</ul>
<p>&#8220;This is a perfect time to start your holiday shopping, or just find that unparalleled gift for someone you love.</p>
<p>Again, thank you for your support over the last three years, I am truly grateful,&#8221; she added.</p></blockquote>
<p><strong>Zizia  is located  in Olde Burien at  827 SW 152nd Street. </strong></p>
<p>They&#8217;re hours are:</p>
<ul>
<li>Tuesday-Friday: 11am &#8211; 6pm</li>
<li>Saturday 10:30am &#8211; 5pm (or 6ish)</li>
</ul>
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