Burien City Council approves $2.75 million sale of Town Square parcels


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At Monday night’s session (June 17), the Burien City Council approved a settlement agreement with RECP/UP Burien II LP, owner of three undeveloped parcels at Burien Town Square related to the sale of three parcels referred to as Town Square properties.

The undeveloped parcels are north of the current Town Square condominiums and Burien Library/City Hall between SW 152nd and SW 150th streets. RECP/UP Burien II LP includes the developer and a capital partner that jointly own the properties.

Under the settlement agreement, RECP/UP Burien II LP will sell the properties back to the City of Burien or a third party designated by the City of Burien. In addition, the City of Burien will reimburse RECAP/UP II LLP for planning and design expenses incurred by the owner/developer over the past year.

“The City of Burien has engaged its community in a downtown master plan that will benefit the entire city,” said Matthew Burton, managing principal for UP Burien II LLC. “With time and the right fit, we believe the City will be successful.”

The settlement agreement was unanimously approved 6-0 by the council.

The parcels are the remaining empty lots – around 3.25 acres worth – north of the completed 124-unit Town Square condos, which were originally developed by Urban Partners. When Urban Partners purchased the parcels from the City in 2005, the development agreement required the developer to begin the next phase of the project within two years of completing the first phase, or by July 21, 2011. Urban Partners failed to meet this deadline and still has not commenced construction of Town Square’s next phase.

On April 30, 2012, the City notified the owner/developer, which had since merged with Harbor Properties to form Harbor Urban, that it had defaulted on its development agreement with the City. The City issued a formal written notice of its intent to repurchase the remaining undeveloped parcels. That repurchase was to occur within 180 days.

Under this deal, Urban Partners and its capital partners, Real Estate Capital Partners of New York, will sell the parcels to Legacy Partners, which has a Seattle area office. If that deal does not go through, the city could buy back the property from Urban Partners.

According to the Legacy Partners website:

Legacy Partners is a leading vertically integrated real estate investment manager, owner and operator, with a comprehensive portfolio of commercial and residential assets in the western United States. Based on our significant background and a stable, committed team who live, work and specialize in our core markets, Legacy provides its investors, partners, tenants and residents with the depth of experience, speed of execution and transparency to create superior value.

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Comments

16 Responses to “Burien City Council approves $2.75 million sale of Town Square parcels”
  1. Coverofnight says:

    ….and the rest of the story is…..what? What is Legacy Partners obligated to do under the agreement and within what time frame? Does the city still have that 180 day window to buy back the parcels or does a new clock start? Can we count on Legacy Partners to immediately start the development process consistent with the city’s comprehensive plan requirements or are they going to sit on it for years until the economy turns around?

    Inquiring minds want to know……!

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  2. John Poitras says:

    In a deal worth over $3.2 million, Legacy Partners will purchase the three remaining vacant parcels, located in downtown Burien between SW 150th St and SW 152nd St, from Harbor Urban, who first purchased the land for roughly $3.5 million in 2005.
    Legacy Partners is expected to develop a “high-end” multifamily housing-retail project in “Parcel #5″, on the corner of 6th Ave SW and SW 150th St, that could break ground as early as the Spring of 2014. Unlike the first phase of the Burien Town Square Project, the residential portion of the new structure would be made up of over 100 apartments instead of condos.
    The first phase of the Burien Town Square project will not be unaffected by the change of ownership and the moving forward of the development will require no new taxes.
    The City of Burien is expected to release more information about the sale of Burien Town Square on the morning of June 18, 2013.

    OVER 100 APARTMENTS! So this is supposed to be better than what? Does not sound like a high end project to me> I really don’t like the word projects anyway it reminds me of what a building with 100 apartments could become right in down town Burien.

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  3. TbC says:

    IMHO 100+ apartments are a great idea. I see it as more diversity being added to a pretty bland neighborhood. My only wish is that they would be for low income people. And while we are at it I would like to see the city open a homeless shelter in the old fire station when/if the new station opens. I see many homeless wandering the streets of Burien who could really use the help.

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    • TcB says:

      Troll. Useless. No one thinks you’re funny. Find one.

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      • TbC says:

        Got one. Dedicated to it! Don’t like my opinion, ignore it. Easy.

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        • TcB says:

          It’s hard to ignore you when you created your screen name specifically to Troll me. Here’s your supper. Enjoy.

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          • TbC says:

            You should be proud. I’m not trolling you. you are my mentor! I have finally seen the error of my ways. Instead of looking at the things wrong with Burien I now have the attitude that NOTHING is wrong with Burien.All is good. Everyone else is just a complainer! Here I thought you would be proud of my conversion. Or am I now too much competition? Believe me, there is enough sand for both of us to stick our heads in.

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            • TcB says:

              It’s true. There are more things good than bad. That’s true for life as well.

              Life is a great gift, and it’s much too short to focus on little nit picky things that we don’t like.

              Play your game with both a big strategy, and some small tactics.

              I can be chased around and baited like anyone else.

              When I take a moment to think about it, and I don’t take into account some of the haters on this blog, life in Burien is very good. I shop here, I live here.

              Just because you choose to Troll me means very little in the long run.

              We are doing good here. No sand required.

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  4. othersideofthetracks says:

    WHY?????

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  5. TcB says:

    I’ve seen some high end apartments and they can be nice, however, this wasn’t the plan.

    Stick to the plan.

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    • TcB says:

      After doing some research it’s definitely being reported that Legacy is planning on building apartments with “a small amount of retail”. Doesn’t sound much different from what Harbor Urban was doing. Also, phase three has some code about “lodging” that sounds like they might be building office and a hotel? How big would this be?

      http://www.youtube.com/watch?v=cDGlN6mluGA

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  6. Carol Vernon says:

    Will this “high end” project include ammenities for the residents? Pool, capana, play yards…parking? If not, then Burien’s Town Square will be the back yard for 100 apartments. Retail? Great idea…how about getting some of that in the rest of Burien!

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    • TcB says:

      I just don’t get the “empty storefronts” crowd. If you’re Taking about 152nd between Ambaum and 10th (old Burien) then I guess there are some that are between businesses. Can you point where else in the city has a blight of empty storefronts? (Town square exempt since they have never been filled) I see hundreds of businesses when I look around. Hardly any empty storefronts. Where the heck are they?

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      • Shere'e says:

        How about the bulding that Bartells is in? Or between Ace Hardeware and where the grocery store used to be. How about on 153rd? There are TONS of empty storefronts in that area, many have never been filled.

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        • TcB says:

          This is Shere’e Robinson right?

          How about the majority of 1st Ave? The majority of all the Mini-mall properties (usually anchored by a major grocery)? How about the Majority of Burien?
          The Bartells mini stores? you’re right, never filled. Part of the recession plus poor location coupled with brand new building high prices, just like town square.

          I said i’m not counting the “never filled”, because I know why they’re not being filled. The prices are too high compared to the surrounding properties.
          There just aren’t that many empty ones. Have you actually been to any other cites? They have a few empty storefronts too.

          At all times.

          It’s called the vacancy rate.

          There aren’t that many empty storefronts.

          Also. What would you have the city do?

          Set maximum prices for rental? Coerce property owners into renting to the next person they find walking down the street? Coerce citizens into actually shopping in Burien instead of going to Southcenter or shopping online?

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