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Nearly two months after a California developer struck out in its bid to purchase the ex-Blue Heron mill site in Oregon City, a prominent Portland developer is stepping up to the plate.

Peter McKittrick, the bankruptcy court-appointed trustee in charge of selling the property, said Langley Investment Properties has submitted a letter of intent to purchase the 23-acre industrial site near Willamette Falls. McKittrick said he planned on Thursday to file a motion with the bankruptcy court to approve the sale; a hearing could take place as early as Jan. 7.

He said Langley’s LOI is a mostly nonbinding agreement that is subject to a pending purchase and sale agreement, but the general terms are for Langley to buy the former paper mill for $4.9 million if the deal closes within the next 12 months. The price thereafter would increase to $5.75 million. Langley is set to pay $30,000 a month as a deposit on the lengthy purchase period.

Liam Thornton, managing director of investment and development for Langley, said plans were still very preliminary but that his company had been following the property for a long time.

鈥淭he biggest issue is it鈥檚 such a complex property,鈥� he said. 鈥淭here are physical complexities, regulatory issues and multijurisdictional issues. We tried to structure a deal that bought us the time to figure all of those things out. It has to be a truly public-private partnership that achieves the public objectives as well as the private objectives, and it needs time.鈥�

Previously, Eclipse Development Group of Irvine, Calif., bid to purchase the site for $4.1 million, but that fizzled in October when funding fell through.

Meanwhile, Oregon City officials are working with Portland-based Walker Macy to craft a master plan for site redevelopment. Initial concepts envision restoring natural habitats and repurposing the industrial buildings into mixed-use commercial spaces. That effort began in March.

鈥淭he work that鈥檚 being done to date — we鈥檝e been following that and we like the direction they鈥檙e going, and that鈥檚 one of the things that motivated us to step in,鈥� Thornton said. 鈥淚t鈥檚 an unbelievable piece of property. It鈥檚 hard not to get excited about it.”

McKittrick, meanwhile, said he is optimistic that the company will help bring the story of the site 鈥� which began as a sawmill in the 1830s 鈥� to conclusion.

“They’re a well-known local company that is well thought of, and well regarded,” McKittrick said, “and we’re excited about the opportunity to move forward with them.”