The developer of a multiuse project planned along the Spokane River in downtown Post Falls filed for bankruptcy in federal court this week.
Developer Harry Green’s company Point at Post Falls LLC filed Chapter 11 papers Monday, just before the property was scheduled to be sold at a public auction.
The bankruptcy filing forced the cancellation of the sale and halted the foreclosure process.
Green unveiled plans for the Post Falls Landing development about 10 years ago, and at the time it was seen by some officials as a new hub for the city, which sprawls alongside Interstate 90. The plan called for a mix of condos with retail shops, a hotel and amphitheater. But only two condo buildings and a marina have been built on the 33-acre parcel.
The site is one of the prime undeveloped parcels in Post Falls, occupying a former sawmill site on the Spokane River just upstream from the Post Falls dam. Many local officials have expressed disappointment over Green’s lack of progress at the site.
The Post Falls Urban Renewal Agency reimbursed Green about $1.9 million for streets and other infrastructure in hopes of sparking more growth.
A meeting of Post Falls Landing’s creditors is scheduled for Jan. 20 at the U.S. Courthouse in Coeur d’Alene.