BREAKING: City Passes Resolution to Buy Rest of Town Square Properties


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Jim Atkins of Harbor Urban pleas to re-open negotiations with the city. The council disagreed and voted to buy back the rest of the Town Square properties.

BREAKING: At Monday night’s city council meeting, Burien lawmakers voted unanimously to pass a resolution authorizing the buy back of the undeveloped Town Square properties, despite a plea from Jim Atkins, managing director of Harbor-Urban to return to the negotiating table.

Harbor-Urban, the private developer for the Town Square project, owns the vacant land but is in default of its agreement to begin construction of a second development there by July 2011.

“We need to gain some momentum in the downtown corridor to regain our destiny,” said Joan McGilton.

“Frankly I don’t have any faith in Urban Partners,” added Jerry Robison.

Jack Block Jr. chimed in and said “Faith has a huge part in making this a success.”

For more background on this story, read our extensive previous coverage here.

A full report will be posted on the B-Town Blog Tuesday.

 

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Comments

8 Responses to “BREAKING: City Passes Resolution to Buy Rest of Town Square Properties”
  1. john poitras says:

    I was at the meeting and I was disappointed thatrather than giving the developer a chance to give a presentation of options that they were prepared to make. Mike Martin pushed through the buy back authorization presumably at 90% of the 2005 value which is in effect is overpaying for the property.
    Now apparently the city is going to take on the property development itself like we have the money or the expertise to do that.
    Frankly I think we should have delayed the vote a month and given the developer an opportunity to present a last ditch proposal which is likely the best we would get anywhere else since the alternative is litigation.
    Litigation which I have no doubt will cost the city and the developer a substantial sum and delay any sale or development of the property until it is settled which could be quite a while considering the speed of our civil courts and Mr Martins record in litigation is not exactly stellar. I don’t understand why Martin was in such a hurry to get this passed?
    Maybe he should have brought Berk back in and done an independent financial analysis Lol..

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    • Joey Martinez says:

      (still at the meeting) and i still need to research this but…
      I think they mean to force the buy back and sell to a developer willing to develop. The developer spoke about being so busy in Seattle and the council is disappointed that they’re not busy in Seattle?

      Again, just my interpretation of what i heard and I’ve not had A chance to research myself, yet.

      Joey Martinez

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      • Joey Martinez says:

        Meant to say that they’re busy in Seattle but they’re not busy in Burien.

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      • john poitras says:

        Joey look into it.. because in another thread Mike Martin indicated he is going to pay 90% of the 2005 value for it. Which in other words it means he is over paying for the land which is certainly worth less than that now. Unless I am missing something this means if we try and sell it to another developer why would they want to overpay for the land unless the city is going to sell at a loss. This assumes the city will win in litigation against the current owner which is a big unknown.

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  2. Burien resident says:

    I guess Burien has an endless supply of money. Now they want to buy the remainder of Town Square. They also want to take on the responsibility and make White Center a part of Burien.

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    • William Forest says:

      BR .. I am still waiting to hear where Burien is going to come up with the mandated $10 Million CIP money it is mandated to deliver to the unincorporated in the first two years.

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  3. Jean Summers says:

    William, what is the CIP money?

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  4. William Forest says:

    Its Capitol Improvement Projects money Jean. This is actually mentioned in the Berk Report.

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