The headline for the 124-unit Burien Town Square condominium website declares: "Small Town Big Charm". The ownership group is also hoping for big sales as spring approaches. Chicago-based ST Residential report that 13 units have sold since it lowered prices last October.

A sample of price reductions of unsold units include an "Alcove One-Bedroom" unit, 527 square feet, originally priced at $236,950, now $129,900. The larger one and two-bedroom units are also reduced. At the other end of the spectrum, for instance, a 1,427 square foot two-story, two bedroom-plus-den-townhome priced at $614,950 in 2009 has been reduced by over $230,000.

Just six units sold at original prices as construction was completed in June, 2009. A few months later, developer Urban Partners was forced to suspend sales when the Federal Deposit Insurance Corp. (FDIC) closed Corus Bank which financed Urban Partners' construction loan. ST Residential stepped in and sales resumed last fall.

"Now that spring is around the corner we expect interest in the property to pick up," said Peter Marino of ST Residential. "We're feeling very positive about the quality of the project and the pricing."

"We're pleased that ST Residential is leasing again and that the units are selling, and we're hopeful that they'll start to look at the retail and get that going as well," said Dan Trimble. Burien's Economic Development Manager. He has held that post since November, and held a similar position in Issaquah before that.

"i think it's a good design, and the overall look and feel of what it creates in that location is great," Trimble added. "The situation (with the delays) was just bad timing and unfortunate circumstances."

As the owner, ST Residential is also in charge of leasing the storefront spaces.

"We don't anticipate hearing anything about retail for a couple of months." said Trimble. "They should be making an announcement following some internal decisions they are discussing."

Also at play, Phase Two & Three, the lots north of the existing development and the library & City Hall building. When the economy appeared rosier, the parcels, which are still owned by Urban Partners, were acquired to expand the condominium development. If you drive by you may notice "For Sale" signed posted on those parcels. If a new owner buys them, they would be required to proceed with the existing development plans.

"We are also hopeful that recent home sales in the development will start encouraging activity on the remaining phases of the project," said Trimble, adding that nothing has been permitted yet with those lots.