Spokane real estate development company Five Mile Estates LLC plans to develop a 29-lot, high-end residential subdivision on Five Mile Prairie in north Spokane that will have a total value of more than $14.5 million when it's completed, says Rod Plese, a principal in the company.

The subdivision, to be called Five Mile View Estates, would be next to a previously approved 73-lot subdivision with a total value exceeding $27 million, says Plese, who also is a broker at Plese Realty LLC.

City hearing examiner Greg Smith is scheduled to hear a request today for preliminary plat approval of Five Mile View Estates. Plese says that subdivision would be developed on 11.5 acres of land along a bluff on the southwest side of the prairie, south of Five Mile Estates, another of the company's developments. Five Mile Estates is just outside of the city limits along Strong Road and was approved by Spokane County last year, although the construction of homes hasn't begun there yet.

Plese says a number of builders will construct homes in both developments, assuming Five Mile View Estates is approved, when market conditions improve.

"We want to get everything approved and on point to start when the economy is where we want it to be," Plese says.

Five Mile View Estates would have high-end homes with anticipated values ranging from $500,000 to $750,000, Plese says. Homes at Five Mile Estates will be priced in the $375,000-to-$400,000 range, he says.

Access to Five Mile View Estates would be from Strong Road through Five Mile Estates, Plese says.

If the hearing examiner approves the preliminary plat request for Five Mile View Estates, the developer will have five years to submit a final plat, he says.