Frustration is the predominant emotion surrounding the Burien Town Square project. Paul Keller, a principal with the developer of the Burien Town Square project Urban Partners, said they cannot sell or lease any of the space until they renegotiate their loan with the investment group S.T. Residential.

In September the FDIC seized Corus Bank, who owned the loan for the town square project. Burien Economic Development Director Dick Loman said the market has dropped by nearly 30 percent.

Keller said Urban Partner’s is working to renegotiate the term and amount of the loan, in an attempt to remain marketable in this economy. He said right now nothing can move until the loan is renegotiated, which is moving forward slowly.

“There hasn’t been the progress I think that all of us would like to see from a timing perspective,” Keller said. “It is incredibly frustrating but it requires patience.”

Keller said he would categorize the project today as stalled. The Burien Town Square project is in no short-term danger of becoming bankrupt, Keller said.

The Burien Town Square Project was the only loan Urban Partner’s had with Corus Bank, Keller said.

The ongoing financial confusion is also frustrating Burien businesses, who are interested in moving into the commercial space in Burien Town Square.

Daniel Keane, owner of the Market Place Salon said he has been trying to secure a space in the Burien Town Square since before the project was completed. Originally working with Urban Partner’s to lease a space, late last year Keane talked to Keller about buying a space.

Market Place Salon is currently located at Five Corners in Burien, next to Trader Joes.

Keane said when he talked to Keller before the holidays last year Keller said he could do that, asking him to secure financing and make them an offer. Which Keane said he did, but every attempt to contact Urban Partner’s since then has gone unanswered.

“They do not bother to return calls,” Keane said. “(I wish they) would explain their situation. We have explained ours, open and honest, I just expect the same courtesy.”

They looked at other buildings, while negotiating with Urban Partner’s, but Keane said they did not find one that would work.

“It is going to be a nice location,” Keane said. Moving their business into Burien Town Square would allow them to hire more people, Keane said, as well as allowing them to own their space instead of leasing it like they do now.

Keller said he is aware there is serious interest from businesses who want to move into the space, but at this point there is nothing they can do but wait.

Keane said he is still interested in moving his business into Burien Town Square, but if another opportunity comes up he will have to take it. But he said he is not actively looking at other locations at this time.