Generally speaking, the eastern third of the property, which sits across from Downtown Spokane, would be an employment center, with a mix of commercial uses that complement the Downtown core and blend in with the existing county and city buildings on the same side of the river. The western two thirds would expand the neighborhoods that already border the property. The amount of residential development would depend on the type of product that was built; the employment center is earmarked for about 1.5 million sf of office space and an undetermined amount of retail space. Downtown access will be via the Monroe Street Bridge, which is currently under reconstruction and scheduled to reopen in the spring.

Although some environmental cleanup was completed during the master planning process in the 1990s, there are still issues with the property will require cleanup. Developing the land will take several years, says Chesrown, adding that he plans to develop the residential acreage on his own and expects to sell the commercial land.

"We will be in there immediately and get the (environmental issues) resolves once and for all," says Chesrown. "We hope to be under construction (on the residential portion of the project) by the time the bridge work is complete."

Chesrown is a Spokane native who made millions selling his Colorado auto dealerships to AutoNation. He then developed Club at Black Rock, a 650-acre, gated community and golf course on Lake Coeur d'Alene. He now also owns the Cedars Floating Restaurant on Lake Coeur d'Alene, as well as acreage along the Spokane River there for which he plans to build waterfront condos.

Chesrown says he did not even hear about the court-ordered property auction until the day before it was scheduled. At the time, there was only one confirmed bidder, Seawest Investment, so the judge put off the sale for one week to give Chesrown a chance to due some quick due diligence. Seawest's bid came in $800,000 higher than Chesrown's, but the judge chose the lower offer because it was more of a sure thing. Whereas Chesrown's bid included $500,000 earnest money, Seawest's bid included no earnest money and gave the company a three-week window wherein it could back out of the deal without any penalty.

"Development of the Summit property is a great opportunity for Spokane to really get that Downtown area moving," says Chesrown. "There's been some great stuff going on, including the new convention center that's under construction, but it really takes more residential living. We see tremendous upside if the business plan is executed properly."