Greenstone Corp., the Liberty Lake-based real estate development company, has started the permitting process for a $50 million phase of construction in Kendall Yards urban village, on the north bluff of the Spokane River gorge northwest of downtown Spokane.

The envisioned phase of construction, tentatively named Podium, will include 230,000 square feet of office, retail, and residential space in two buildings to be constructed on the west half of a 5-acre parcel of vacant land at 1001 W. Summit Parkway, between the Inlander Building and Monroe Street, initial planning documents show.

The two buildings will be erected atop a single-level, partially underground parking garage, plans show.

Jim Frank, founder of Greenstone, has said that the Podium will be the largest project the company has taken on so far.

One structure will be a four-story, 66,300-square-foot office building, and the other will be a six-story, 163,700-square-foot building with a total of 130 apartment units on the second through sixth floors. The apartment building will have retail space facing Summit Parkway and residential amenities on the rest of the first floor.

The 85,000-square-foot parking garage will have daylight exposure on the south side. It will have about 290 stalls, and the project also will include surface parking for about 22 vehicles.

The Podium project also will feature an open plaza with views of the river and public access to the Centennial Trail from Summit.

Greenstone hasn’t named a contractor for the project yet. Bernardo|Wills Architects PS, of Spokane, and Shoesmith Cox Architects PLLC, of Seattle, are designing it.