Now the developers need to find a buyer for the $12.75 million project on the outskirts of Ocean Shores.

The 542-acre project had been stalled since its original developers were indicted in 2005 on federal securities fraud charges.

Peter McKittrick, who was designated by a federal court to take charge of the project, and Realtor Jim Donahue are optimistic the new resort will move forward. The court’s goal is for the original investors to be able to recoup their money.

All that’s needed now is a shoreline permit from the state Department of Ecology, which McKittrick and Donahue view as no tall order after the plan passed muster with the county.

The commissioners approved a permit for the project to become a “Planned Unit Development.” That means the development will have a master plan and is to be considered as one unit. It’s the same process that the Seabrook developers used near Pacific Beach.

The only person to speak against the plan at Monday’s hearing was Terri Franklin of McCleary, who said the county should be focusing its attention on its long-delayed Comprehensive Plan update to make sure the Hogan’s Corner development is in the best interest of the citizens. Franklin also lamented the potential loss of trees as a result of the development.

The Planned Unit Development envisions an 18-hole golf course, a pedestrian-friendly shopping complex, a high-quality RV Park set for 40 units, additional tourist accommodations with a total of 600 hotel rooms/condos and a “residential component” that could handle 504 units.

The indoor water park complex would be for hotel guests exclusively. It would be located north of Highway 109 at the eastern edge of the property.

“The two- to three-story structure is designed to take maximum advantage of the regional unobstructed views,” according to the formal plan. “The family oriented indoor facility provides complete service from accommodations to dining and a variety of entertainment so that once the family arrives they can remain at the facility until they are ready to return home.”

The plan calls for all of the water within the water park to be treated and recycled “by an advanced water treatment system.”

Some 50,000 square feet of commercial space is planned for the north extension of Hale Avenue, which would facilitate one anchor tenant and “a few compatible service-related businesses,” according to the plan.

The golf course would be located on a total of 350 acres on both sides of Highway 109. Holes One through Six would be on the south side of 109. The other holes would be on the north side surrounding the wetland area. The two halves would be connected via an overpass ramp. On the southern half of the property, the course would wrap itself around the Hogan’s Corner airstrip. The northern portion of the property would remain undeveloped. Mike Daniels, with Pacific International Engineer, which helped design the project, said bears have been sighted in that area.

Adjacent to the course and along both halves of the property would be condominium complexes.

Meantime, the airstrip would abut a three-story hotel conference center, with 200 guest rooms, meeting rooms, restaurants and retail shops.

McKittrick hopes the ambitious project will find a buyer by Jan. 31, 2008.

One of the previous owners, Phyllis Marks Rich, has pleaded guilty to conspiracy to commit securities fraud and filing a false tax return, and was sentenced to 51 months in prison and ordered to pay more than $13.4 million in restitution.

Her husband, Michael Rich, has pleaded not guilty, and is awaiting trial.