Remaining Burien Town Square Parcels acquired by Legacy Partners


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legacypartnerslogoThe three remaining parcels of the Burien Town Square area have been acquired by Legacy Partners Residential, in a deal that closed Sept. 26.

The land, totaling more than 141,000 square feet, is located adjacent to The Residences at Burien Town Square condominiums, Town Square Park and the City Hall/Library complex. Although no plans have yet been drawn, the partnership plans to develop high end mixed-use projects with a residential emphasis.

Legacy, which has had a continuous presence in the Pacific Northwest since 1973, announced that it is acquiring the sites in partnership with Seattle based Pillar Properties. Legacy will act as lead developer, with Pillar Properties providing the majority of the equity financing for the projects. The partnership expects the first project delivery could be as early as the summer of 2014.

“We are very excited to partner with Pillar Properties,” said Kerry Nicholson, senior managing director, Legacy Partners Residential, Inc. “Not only are they an exceptionally strong financial partner, but they are a local family company that has consistently invested in the region and completed many exceptionally high-quality projects. We know that this relationship, together with the City of Burien, will allow us to complete the vision set more than a decade ago when the Town Square development was first conceived.”

“The City of Burien is very glad that the transfer of the remaining undeveloped Town Square parcels to our new developer, Legacy Partners, is now complete,” added Craig Knutson, interim city manager. “This is a vital step in our community’s ongoing economic development. We thank the original developer for the beautiful first phase of Town Square and look forward to the successful completion of the next phase.”

According to Nicholson, he and Pillar Properties chose the Burien opportunity because the City is a reliable working partner, the cost structure will allow more competitive rents than those of nearby downtown Seattle, and the site has a well developed existing downtown with a “Walk Score” of 90.

“Burien is a hidden gem,” Nicholson said.

The transaction was brokered by Dan Mathews of Kidder Mathews.

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Comments

7 Responses to “Remaining Burien Town Square Parcels acquired by Legacy Partners”
  1. Girthman says:

    “High end mixed-use projects with a residential emphasis”…Is that a fancy way of saying apartments? Didn’t the city previously promise that only condominiums, not apartments, would be built in Town Square? If these developers do in fact want to build apartments at this site, downtown Burien will be a ghetto in about 10 years. Just look at all the other surrounding apartment complexes as proof that this will eventually happen. Worst bait-and-switch by our city council ever. I look forward to the upcoming election when the incumbents who supported this and the failed annexation will finally be voted out of office.

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    • aatkmh says:

      It’s obvious you didn’t see the vote at the council meeting. It wasn’t just those running that supported the zoning change that opened the door for these.

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  2. GH Resident says:

    @Girthman – Can you explain to me how you managed to translate “High end mixed-use projects with a residential emphasis” into “apartments?” It seems to me that the existing condos with commercial space on the bottom floor match that description pretty well. It COULD mean “apartments,” but it could just as well mean “condos.”

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    • Name (required) says:

      “According to Nicholson, he and Pillar Properties chose the Burien opportunity because the City is a reliable working partner, the cost structure will allow more competitive rents than those of nearby downtown Seattle,”

      Apartments are RENTED. Condos are PURCHASED.

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  3. TcB says:

    How many of the Condos are being purchased right now to be sublet to renters?

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    • TbC says:

      Probably none. When I looked into purchasing there I asked about subletting. I was told the covenants required that the renters go through an approval process with the homeowners assn. (Immediate family was the exception). That is usually a real crapshoot. It all depends on who is in charge of the homeowners assn. Usually not worth the hassle for the potential renter.

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      • Withheld says:

        We currently own a condo in Burien Town Square and our unit is rented out. No approval process necessary although the number of units that can be rented at any one time is limited by the H.O.A.

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