Burien Town Square foreclosed
The foreclosure ax finally fell on the Burien Town Square. The urban redevelopment project has been taken over by ST Residential who acquired the note after the FDIC closed the development’s lender, Corus Bank. According the Seattle Times article, Burien Town Square’s developer, Urban Partners, will continue to manage the project.
To date, only 6 of the 124 condominiums were sold.
The new owner of Burien Town Square Condominium provided few details about its plans for the mostly empty building, saying only that it will spend the next few months considering possible improvements and deciding when to “re-launch” the project.
Although ST would not address the question Friday, price cuts seem likely if it chooses to continue marketing the complex as condos.
Another possible option: convert the unsold units to rentals, a step ST has taken with some other projects in its portfolio
