Saline officials see a nuisance. Passers-by see a big hole in the middle of downtown.

Now the new owners of an unfinished construction site hope at least one developer will see potential in the 1.47-acre property on Michigan Avenue.

The property — formerly a car dealership and more recently a source of litigation and municipal frustration — is newly listed for sale.

The asking price for the former Village Marketplace + Lofts site: $1 million.

It’s just the latest turn for the project that developer Mike Concannon presented in 2006 as a key downtown mixed-use redevelopment.

But the vision for retail and residences in a 63,000-square-foot building on the west side of downtown collided with a downturn in market forces — after demolition and site work started.

Hence, the big hole in the ground.

Early this month, Concannon said he had no plans to redeem the property from its pending tax foreclosure.

At the same time, a group of six lienholders — all contractors who’d worked on the project before it stalled — took possession of it via sheriff’s deed.

Now that new group of owners plans to pay the back taxes and sell the property, each getting an amount of the eventual sale price that’s proportionate to their debt. About $32,000 is owed in back taxes, including $28,480 dating from 2008. That total is down from $54,000 early this month.

“There have been so many man hours and workmanship hours put into that property already,” said Charlie Koenn, co-listing agent from Swisher Commercial. “It’s just unfortunate that it did not work out.”

So while the average person may wonder about what’s next for the giant hole next to Michigan Avenue, a developer will recognize that the land has been through planning, excavation, soil removal, site engineering and pipe installation, Koenn said.

“There’s more than $1 million of improvements put into that property,” he said.

That, he said, means the property finally has a chance at finding a new owner with the capital to drive development.

However, the improvements already made do not extend to curb repair or sidewalk restoration — all sought from Concannon by city officials in a lawsuit filed last year.

The new owners have met with the city and they’ll be making the land “more safe and presentable,” Koenn said.

Koenn and his listing partner, Tony Caprarese, are compiling marketing packages for the new listing now, he said.

They recognize the value to the community of finding a buyer who can drive a project to the finish line after the long standstill.

“I just think people are going to be happy to see something moving forward on the property,” Koenn said.

Paula Gardner is Business News Director of AnnArbor.com. Contact her at 734-623-2586 or by email. Sign up for the weekly Business Review newsletter, distributed every Thursday, here.