The City will see the Burien Town Square Project sold out in the near future. That was the prediction from Urban Partners Principal Partner Paul Keller.

He described the near future in months, not years. However, the units will remain vacant until Urban Partners reaches an agreement for their loan with S.T. Residential.

Keller has described the project as stalled since Corus Bank, who owned the construction loan for the project, was taken over by the FDIC in September. Urban Partners is working to renegotiate the amount and the terms of the loan with the new owner of the loan, S.T. Residential.

Urban Partners just submitted their fourth proposal to S.T. Residential. The investment group inherited 135 construction loans they now have to go through, and Keller said the Burien Town Square is not a priority.

Until the terms of the loan are renegotiated, Urban Partners is unable to sell or lease any of the spaces in Burien Town Square.

Keller said the process has been extremely frustrating. “We are still waiting for the FDIC (Federal Deposit and Insurance Corporation) process to work itself out,” Keller said.

Currently six condominiums out of the 154 have been sold. None of the retail space has been leased or sold so far.

Despite the challenges, Keller said he wanted the community to know Burien Town Square is a high priority for Urban Partners, who are based out of California.

Keller plans to come back to the council sometime in the next month to give them specific plans to build a movie theater where the old city hall building still stands. He has been working with Galaxy Theaters, and said within the month he hopes to have the plan fleshed out enough to present it to the Council. The movie theater is now being described as phase two of the Burien Town Square Project. The original phase two, a $5.5 million project to build more condominiums is currently on hold, Keller said.

He is also optimistic about the negotiations with S.T. Residential, but having no control over the negotiations has no idea when that will be resolved. Keller said Urban Partners is committed to the resolution of phase one.

Keller has told the Time’s in an earlier interview Urban Partner’s is in no immediate danger of going bankrupt, nor is there a current danger for the Burien Town Square Project to be foreclosed upon.

The condominium and business spaces are not worth as much in the current real estate market as they were when Burien Town Squares ribbon was cut last summer. Since Corus Bank was shut down by the FDIC Urban Partner’s has to wait in line with 135 other organizations to renegotiate the terms of their loan.