TAKEOFF for LANDING
Courtesy photo The 142-slip marina on the Spokane River in Post Falls, in the center of the photo, has been sold along with 1.8 acres of waterfront property to the right of the condominiums. The new owners, Tom and Hayden Anderl and John Magnuson, plan to have the marina in operation this summer and start work on a 20-unit condominium building with parking and garages later this summer. An access to the waterfront from Spokane Street will also be constructed.
LISA JAMES/Press Hayden Anderl poses at the River's Edge Marina, which he has purchased with his father Tom Anderl and John Magnuson. The 142-slip marina has been closed the past four years. It will be in operation this summer.
LISA JAMES/Press The Post Falls Landing marina, a 142-slip marina that has sat idle for four years, will reopen for the 2017 boating season under the name River's Edge Marina. More waterfront condominiums are planned near the marina.
POST FALLS — Out of litigation and on to new life.
That summarizes the status of the multi-use Post Falls Landing site with the just-completed sale of the 142-slip marina on the Spokane River and 1.8 acres of waterfront property between the existing condominiums and Spokane Street bridge.
Local residents Tom and Hayden Anderl and John Magnuson are the principals of a limited liability corporation that has purchased the marina and land from Liberty Bankers Life Insurance Company.
The trio plan to have the River's Edge Marina in operation this summer after it sat idle for the past four years because of litigation. They also plan to start construction on a 20-unit, four-story condominium building on the waterfront between the existing condos and the bridge and continue the boardwalk.
"We're excited to help revitalize this area," said Hayden Anderl, who’s a Realtor with Coldwell Banker Schneidmiller Realty and Tom's son. "Post Falls is poised to grow and this will provide a phenomenal opportunity to get on the water."
Terms of the sale were not disclosed by either side. A non-disclosure clause in the sales agreement was cited and the property was not publicly listed for sale.
Post Falls Landing was started by developer Harry Green 16 years ago before bankruptcy proceedings and the site became embroiled in litigation.
"Liberty foreclosed on Harry a few years ago, but his legal bill continued to haunt the property," said Allan Scharton, Liberty's vice president of mortgage loans. "This latest sale was a three-way transaction between Liberty, the new buyer and Witherspoon-Kelly (Green's attorney). As part of the negotiated sale, the litigation was dropped and released."
Scharton said the marina and property deal has been in the works for more than a year and both sides said the city was great to work with during the process.
"A major benefit of this sale is the end of all pending litigation associated with the project," Scharton said. "This will free up the remaining land for subdivision, marketing and sales.
“We couldn’t deliver a clear title to any potential buyers while the litigation was still pending."
Magnuson said competing claims to ownership had the property tied up.
Mayor Ron Jacobson said the city is relieved that activity on the 33-acre site has been revived because it’s a critical component of a vibrant city center.
"This will breathe new life into the project," he said. "It should create more business activity in an area that's been stagnant."
Tom Anderl has been involved in local development projects, while Magnuson is an attorney. They said Green had a remarkable vision for the property, but was a victim of bad economic timing.
Anderl said the marina has held up well despite sitting idle in recent years. Only minor repairs will be needed. Tobler's Marina will manage the marina, which has 20-, 24- and 30-foot slips that will cost between $1,300 and $2,000 per season.
The marina, which is near the water tower on Spokane Street, has power and dock storage. The convenience store will be open this summer, while the gas station is expected to be in operation next year. Hayden said there has been strong early interest in the slips, including from some of the owners of the existing condos at the site.
"It's been a tease to live here and not have access to the marina," Hayden said.
The boardwalk will be extended between the marina and future condominium building and an access from the waterfront to Spokane Street will be constructed.
The condominium building, which will resemble the existing units with Northwest contemporary architecture, will have a parking lot, gym and garages. Anderl said prices for the condos have not been determined.
He said a "brisk" real estate market has him optimistic about the site.
"Where in Kootenai County can you buy a condominium on the waterfront with a boat slip that's 20 minutes from Spokane and 10 minutes from downtown Coeur d'Alene?" he said. "It's a pretty idyllic setting."
Scharton said a pocket park is planned around the water tower. Another park and civic center is designated at the west end of Third Street for whenever Third is extended. He said the size and timing of the park areas haven't been determined.
For more information, visit theriversedgeidaho.com or call Tobler on the slips at 772-3255.