The Seattle Times reported that Burien Town Square, a mix-use residential, commerical, community development may face foreclosure unless it can come up with a $3.5 million payment by September 1st:
The firm that holds the note on the construction loan for Burien Town Square Condominium filed a legal notice late last month that it intends to foreclose on the property Oct. 29 unless developer Urban Partners comes up with $3.5 million by Sept. 1 to cover missed monthly payments and related charges.
The notice covers 118 of the project’s 124 condos — just six have sold since the building was completed 14 months ago — and the ground-floor retail space, all of it still unleased.
Read the rest of the article at Seattle Times.
UPDATE 8/21/2010:
The Puget Sound Business Journal reports that a settlement deal may be under way between Urban Partners and Corus Construction LLC.
August 29th, 2010 at 11:57 am
Ouch. That hurts to see only a handful of the units sold. Until lenders are willing to step up to the plate for condos and buyers believe they are getting real value, these new construction neighborhoods are going to continue to sit.
September 10th, 2010 at 6:49 pm
I live in Burien and I was looking into buying a condo, but it was too expensive and too small for my needs.
Apparently, it appears now that I was not the only one.
There were not many others who were willing to pay those extravagant prices for retail spaces and/or condos. Burien is not Bellevue. Sure, progress can be great…but not when amyone cannot afford it. It’s a shame that they marketed the condos to rich people. BUT rich people don’t want to live in Burien. Good intentions gone bad because it was all about the money. What a waste of time/energy/money. I wish them luck.