Liberty Lake real estate development company Greenstone Corp. is expecting a flurry of construction activity and rising sales in its developments here and in North Idaho in 2011, says Jim Frank, the company's CEO.

Altogether, the value of Greenstone's active and planned projects for next year totals more than $78 million.

"We expect 2011 sales to be up about 25 percent over 2010, partially due to new projects in Kendall Yards and Eagle Ridge and partly due to improving market conditions," Frank says.

It's not part of Greenstone's philosophy to wait out the national downturn in commercial and residential construction, Frank says.

"You've got to evolve with the market," he says. "You can't wait and hope the market will get better. Hope isn't a business strategy."

Among its active developments, the company expects to see continued strong sales and construction activity in its Kendall Yards urban village just northwest of downtown Spokane, its mixed-use River District community in Liberty Lake, and its Coeur d'Alene Place master-planned residential development in North Idaho, Frank says.

Greenstone also said it will build 33 homes in the Eagle Ridge subdivision in south Spokane, develop a high-end subdivision on the east side of Liberty Lake, and expand its Ponderosa Ridge residential development in the Indian Trail neighborhood on Spokane's North Side.

Frank says Greenstone hasn't let the tightened financing market set the company back.

"Financing is available, but you have to have lots of equity," Frank says.

That suits Greenstone's conservative approach to development, he says.

"We try to maintain good equity levels," he says. "When that happens, a company is capable of surviving ups and downs of the economy, and more financing options open up."

In its commercial projects, Greenstone is encouraging development partnerships with businesses that want to own their own land and buildings.

"There's not a lot of chances for businesses to do that in and around downtown," he says. "Five years ago, people had land, but wouldn't sell it. We're willing to sell land."

In the Kendall Yards development, Greenstone has in plan review applications for 10 townhouse units to be constructed along a newly built section of Summit Boulevard west of Cedar Street. The townhouses are being marketed with prices ranging from $165,000 to $200,000. Greenstone expects to apply this month for another 10 residential building permits for similar townhomes, Frank says.

In December or early 2011, the company plans to apply for permits for a mix of 20 townhouse units and single-family homes to be constructed south of Summit Boulevard. Some of those homes will overlook the Spokane River, and higher-end homes there will be priced at around $1 million, he says.

In addition to the residential construction planned in Kendall Yards next year, Frank says Greenstone expects to erect three commercial buildings with an estimated combined value of $11.5 million in the 78-acre development starting this spring.

The first of those buildings will be a 6,200-square-foot, single-story structure valued at $1.5 million at the northwest corner of Cedar and Summit that will house three food-related businesses, he says. That project is in the permitting stage, and Greenstone hopes to begin construction in April.

Greenstone also is working on the design of a 20,000-square-foot, two-story office building with an estimated value of $4 million that's planned at Monroe Street and Bridge Avenue on the east edge of Kendall Yards. A prospective tenant, whom Frank declines to identify, would occupy the second floor of that building, and the ground floor would house retail or service tenants.

"We have a lot of interest in that building, and I think we will find it easy to get tenants," he says.

The third commercial structure, an envisioned 30,000-square-foot building with an estimated value of $6 million, also is in the design stage. It would be constructed near the bluff overlooking the Spokane River in the western portion of the Kendall Yards development.

The residential and commercial projects will be linked by Summit Boulevard, which is being built as the main boulevard through the heart of Kendall Yards, Frank says. Greenstone plans to complete Summit between Cedar and Elm streets by mid-December and landscape the boulevard in the spring. Also next spring, Greenstone will construct Summit between Cedar and Monroe.

Greenstone plans to tap into several real estate market sectors through a variety of developments scattered throughout the Spokane-Coeur d'Alene area, Frank says.

In the Eagle Ridge residential development in southwest Spokane, Greenstone will build what it calls its value product line of floor plans in homes on 33 lots, Frank says.

"A lot of homes there are in the high end of the market," he says. "We feel we're a good match with smaller houses with exceptionally high quality."

Greenstone's homes there will be priced starting in the upper $150,000s.

"The homes we're building there are similar to homes we are building in Liberty Lake and Coeur d'Alene," he says.

On Spokane's North Side, Greenstone is proposing an 84-unit, single-family home addition to the Ponderosa Ridge subdivision about three miles northwest of the Francis Avenue-Indian Trail Road intersection, Frank says. The homes would range in size from 2,500 to 3,500 square feet. Prices would start just under $200,000, and bluff-view homes there could exceed $350,000, the company says.

Pending approval by the city of Spokane, construction in the addition could start as early as next spring, and it would bring to 210 the total lots in the Ponderosa Ridge development.

In Liberty Lake, Greenstone expects strong sales in new residential phases of home construction in the River District and Rocky Hill developments, Frank says.

"We expect to have 2011 sales of about 50 homes and a value of about $10 million in each project," he says.

The River District is a 670-acre mixed-use development on the south bank of the Spokane River north of Interstate 90, in Liberty Lake. The Rocky Hill residential development is south of Appleway Road and north of MeadowWood Golf Course, in east Liberty Lake.

In its recently announced entry into the luxury waterfront market, Greenstone has sold five lots in the 12-lot, high-end residential subdivision called MacKenzie Beach, on the east side of Liberty Lake, Frank says. That development, valued at more than $12 million, also will extend a water line to Liberty Lake Regional Park at the south end of the lake, he says.

In northwest Coeur d'Alene, Greenstone is starting development of separate phases totaling 49 lots in two subdivisions within the Coeur d'Alene Place master-planned community. Homes in those phases will range in price from $139,000 to $200,000, he says.

One phase includes 22 lots in the planned 110-lot Parc Rose Village, a gated subdivision that will include homes ranging from between 1,100 to 1,700 square feet of space that will be targeted toward the empty-nester market, he says.

The other phase includes 27 lots in the planned 50-lot Grove subdivision, which will have one- and two-story starter homes with 1,100 to 1,800 square feet of floor space, Frank says.

"We're doing some subdivision work because we're running out of lots," he says. "We're trying to keep a year to 18 months of inventory available."