COEUR d'ALENE - Mary Beth Dunn breathed a sigh of relief at the trustee's sale of the Post Falls Landing multi-use development on Wednesday.

Liberty Bankers Life Insurance Co., the project's lender, gained control of the 33-acre site along Spokane Street and the Spokane River from developer Harry Green at the sale.

Dunn, who owns a condo at the Landing, reflected on the new era for the slow-to-develop project.

"Harry's dream and vision can continue on with a new developer," she said. "I'm excited that it's moving forward."

The project started 11 years ago, but the site remains largely undeveloped, except for the condos, marina and infrastructure that was funded through the Post Falls Urban Renewal Agency.

The property was touted as the city center's anchor early on and was even considered for the new Post Falls City Hall before the development became stagnant and ended up in a legal mess.

"We're ecstatic to move on," Mayor Clay Larkin said. "We look forward to something coming out of the ground other than weeds. It's been a long 11 years.

"We're sorry to see a business not make the grade and Harry tried hard, but it never came together for him. We wish him the best of luck in future endeavors."

Green, who did not attend the sale, didn't return a message seeking comment.

"To Harry's defense, he was a victim of the economy," said Craig Singer, who attended the sale and whose parents own a condo in the project.

Allan Scharton, Liberty's vice president, said this company will begin to market the property as soon as possible. He said there has been interest in the site from multiple developers, but couldn't specify who.

Scharton said the property will likely be listed for about $9.6 million, which was the amount Green owed Liberty as of Oct. 22 and includes interest and attorney/court fees. He said the site could be sold as a whole or divided up, but the preference would be to sell it as a whole for a more uniform development.

Scharton said that while Dallas, Texas-based Liberty has developed properties, its goal would be to sell Post Falls Landing to a financially secure developer.

"The logistics don't lend themselves for us to develop the property," he said, adding that if it was closer to Dallas it may be a stronger option.

J.D. Hallin, an attorney with Lukins and Annis in Coeur d'Alene who has represented Liberty, submitted an initial bid of $3.4 million on Liberty's behalf at the sale. No other bids were received, allowing Liberty to gain control of the site.

Scharton said the bid amount was intentionally low to see if other bids would come forward and it isn't a reflection of what the property is worth or what is owed on it. He said he wasn't surprised there weren't any other bidders, however, because interested parties already know what is owed on the site.

Scharton said Liberty has a lien on the marina and the ownership of that portion of the project is to be determined.

"What we'll market is primarily the land," Scharton said.

The condos are owned by the individuals who have purchased the units and Scharton said Liberty, as the lender, is not under any obligation to build a parking garage the condo owners have hoped for.

"I understand that Harry made a promise to the condo owners to one day build a garage, but that was communication between Harry and the owners," Scharton said.

Scharton said Liberty intends to work with the city to get a quarter-acre land swap that has been in the works since 2007 finally resolved.

The city owns property where tanks to the marina's gas station sit. Green, meanwhile, had a similar-sized parcel that has a view of the dam that the city is interested in for a park area.

City officials said they are uncomfortable subsidizing private enterprise and are frustrated that a permit for the tanks on city property was issued because no one from the city signed off on putting tanks in there. The marina's gas tanks have been locked since last summer as a result.

Wednesday's sale marked the end of a year's worth of legal matters regarding the Landing.

Trustee sales were also slated for last December and again in October before bankruptcies filed by Green postponed both sales. One of the bankruptcy petitions was dismissed by a judge and another was voluntarily pulled by Green.

Larkin said he hopes whoever buys the Landing property will develop it in the near future. Retail shops, a hotel, an amphitheater and more residential units were a part of the original plan.

"We'd like to see our city center be further developed and wouldn't want to see someone sit on the property for another 10 years," Larkin said.