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October 1, 2009 in Business

Bank takes Legacy Ridge

Developer Marshall Chesrown turns over Liberty Lake project to AmericanWest
Bert Caldwell bertc@spokesman.com, (509) 459-5450
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Tags: AmericanWest Bank Legacy Ridge marshall chesrown

Chesrown
(Full-size photo)

Coeur d’Alene businessman Marshall Chesrown has turned the Legacy Ridge development in Liberty Lake over to AmericanWest Bank.

New deeds on the properties were filed last week in lieu of foreclosure on $17.8 million in debt Chesrown took out to buy and improve two parcels: 120 acres intended for luxury homes and 906 acres that was to be left largely undeveloped.

Only a few homes have been built in Legacy Ridge, which was designed to accommodate more than 100 with views of the Spokane Valley and Liberty Lake.

AmericanWest President Patrick Rusnak said finished lots like those at Legacy Ridge …

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Four comments on this story so far. Add yours!

  • BT on October 01 at 8:05 a.m.

    HAhAHahah…stupid California…go back, I'm shocked that people would want to have a house built on the old dump anyways. Sorry, California developers we like our 1/2 acre lots in the Valley and Liberty Lake…Go back to California!~~~

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  • westside on October 01 at 8:42 a.m.

    And….Kendall yards in spokane is dead development…

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  • dick adams on October 01 at 8:53 a.m.

    The city of Spokane city council and Mayor Verner pushed through a TIF give away, regarding the northbank of the Spokane river, and as usual no consideration given citizens that were robbed of money on the venture.. Do these clowns that claim to represent us and our community have to throw dice and gamble taxpayer money on behalf of the developers and if the developer looses the citizens pay for the crap shoot?

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  • SPOKANITE on October 01 at 1:02 p.m.

    Umm…BT, I believe Chesrown was raised in Spokane Valley and graduated from Central Valley.

    Dick Adams, The TIF was passed by Council when Dennis Hession was in office not Verner although she was on Council. As far as citizens being “robbed of money” when did that taxpayer money exchange hands? As I understand TIF in WA, 75% of the incremental tax dollars generated by the development are dedicated to help pay off a portion of the cost of the infrastructure. The remaining 25% goes back to the general fund.

    Westside, there's a lot of development that is not happening aside from Kendall Yards. Perhaps it is dead as was originally proposed, but that doesn't have any bearing on future development. How are things on your side o' the state fairing?

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