This timeline chronicles the many deals and extensions with the Federal Way City Council regarding its AMC site.
Created by lancewilliamhenderson on Feb 3, 2011
Last updated: 02/04/11 at 08:59 AM
Tags: United Properties Landor Korus Federal Way City Council AMC Twin Development
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The developer announces it can't meet its Sept. 30 deadline to purchase the former AMC Theatres property from the city. The council votes to extend the closing date on the land to the end of March 2011, as long as $100,000 is placed in escrow by the end of January 2011.
The city council voted 6-1 Tuesday to assign a purchase and sale agreement for the former AMC Theatre site to local development group Twin Development. The developer is relying on foreign investors to provide the money necessary to purchase the land and launch its project.
United decides to let go of the downtown Symphony project in hopes that another group will be able to make the high-rise project a reality. Twin Development takes over and plans a similar mixed-use project with only three high rises.
The Federal Way City Council expected to finalize the sale of the former AMC Theatre site, but was instead taken by surprise when the developer reported it does not have the money to make the purchase. The City Council held a special meeting on March 23 and decided to extend the contract until Sept. 30, 2010.
Having found no monies to inject into its Symphony project, United and Landor requested and received another extension on the purchase-and-sale agreement until the end of March 2010.
Still with no financing, United and Landor Korus seek and obtain another extension from the Federal Way City Council until the end of 2009.
After a year delay, United still has financing woes, so it requests another six-week extension. It also announces it will partner with Landor Korus, a South Korean investment company, to purchase and develop the property.
With construction expected in summer of 2008, United announces the project will need to be delayed for one year. The Canadian developers said the economy and hardships in securing financial backing were to blame for the delay.
United Properties, a Vancouver, B.C.-based firm, pitches Symphony, an urban mixed-use project with four high-rise buildings and a park, to the Federal Way City Council.