Remaining Burien Town Square Parcels acquired by Legacy Partners
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.