Federal Way residents may have to wait up to 12 more months before crews began constructed the long-awaited mixed use multi-plex in the heart of downtown.

"Symphony" builder, United Properties of Vancouver, BC, last week formally asked the Federal Way City Council for up to a year's extension on the sale of property for the downtown Symphony mixed-use development project.

At its regular meeting on July 15, the Council agreed to extend the closing date to Sept. 11, 2009, for the sale of the four-acre, former AMC Theaters site in downtown Federal Way.

The actual closing may occur at any time between when the agreement is approved by Council and Sept. 11, 2009.

The economy is the culprit, according to United Properties Vice-President David Setton.

Referring to the current financial liquidity crunch, Setton wrote in a letter to the City that

United Properties' "lenders have advised us to postpone the marketing and construction of the project."

Setton said he "believe(s) this state of affairs to be temporary," and that "Washington State is primed for economic growth with strong job creation" continuing into the next few years.

In addition, United Properties included a letter from Canada ICI Capital, expressing its commitment to "provide construction financing" for this project.

To compensate for the projected additional costs on the project, United Properties would pay the City's annual carrying costs, estimated to be about $150,000 a year.

Symphony would consist of four high-rise towers ranging from 16 to 24 stories in height, with up to 900 residential units, 65,000 square feet of commercial space, a one acre public park and approximately 1,300 parking spaces.

The project would be constructed in phases, with each phase taking approximately 18 months to complete.