A longtime Spokane developer plans to develop 116 residential lots just south of the city of Spokane Valley.

The subdivision, to be called Belleaire, would be located on 40 acres north of Daystar road near Apollo Road, says Casey Mason, project manager with the company, Summit Properties Inc.

Homes envisioned there would be similar to those in nearby subdivisions, which are priced in the $300,000 to $500,000 range, Mason says. That would put the total value of Belleaire at more than $34 million when fully built.

Summit Properties is owned by Rich Dahm, who developed other subdivisions in the vicinity, including Morningside, Morningside Heights, Vistas at Morningside Heights, and Windsor Ridge, which together have more than 300 homes.

Belleaire would be served by Chapman Road, which Summit plans to extend to the east to Barker Road next spring or summer, Chapman says. The other subdivisions are accessed from the south via Chapman Road.

Summit plans to sell the finished lots to select builders, Mason says, although there's no set timetable for developing the Bellaire lots.

"Hopefully, the economy will turn around sooner, rather than later, and we hope to have approvals on some lots when it does," he says.

A preliminary plat request for the proposed Bellaire subdivision had been scheduled to be heard Nov. 12 by the county hearing examiner, but that has been postponed.