Post Falls L-P site fails to sell at auction
33-acre former mill site still for sale at $6.5 millionDecember 18th, 1997
Louisiana-Pacific Corp.s 33-acre former mill site in Post Falls failed to sell at auction recently, and the property remains for sale, says Tim Reinertsen, senior vice president of Realty Marketing/Northwest, of Portland, which held the auction and is marketing the site.
Some interest was shown in the property in the auction, Reinertsen says. However, he adds, We didnt receive anything that the seller felt was acceptable in the way of a bid.
Realty Marketing will continue to respond to inquiries about the site and solicit interest in it over the next several months. If the property hasnt sold by this coming spring, it will be included in Realty Marketings spring auction, Reinertsen says. Sealed bids for that auction would be due May 15.
The former mill site sits to the west of Spokane Street, Post Falls main downtown thoroughfare and lies between I-90 and the Spokane River. It runs about 1,500 feet west along the north bank of the river nearly to a Washington Water Power Co. dam. Post Falls city officials and others see the property as a key to redeveloping the citys downtown.
Conceptual plans drawn up for L-P on the propertys potential use suggest it could be home to a large mixed-use development that could include such things as retail and commercial space, townhouses and apartments, a resort hotel, a convention center, an assisted living center, and office buildings.
The propertys reserve price, or the lowest price L-P committed to accept in the auction, was $6.5 million.
Its certainly a marketable piece of property, Reinertsen says. Its just a matter of finding the right person at the right time.