Greenstone Corp., the Liberty Lake-based real estate development company, says it's developing a 12-lot residential subdivision, named MacKenzie Beach, on the east side of Liberty Lake. The estimated value of the 140-acre development is more than $12 million.

Bill Fanning, the listing agent for MacKenzie Beach and broker at Spokane-based Century 21 Beutler Waterfront, says the development includes six waterfront lots priced at between $695,000 and $895,000, and six second-tier meadow lots starting at $225,000 each. The lots range in size from about two-thirds of an acre to slightly over an acre.

Each lot includes a slip in a community boat dock, Fanning says.

Jayson Hunnel, Greenstone's marketing director, says homes there will be required to meet sustainability and design standards, and will be valued in excess of $500,000 each, plus the price of the land.

Exterior designs will include exposed timber beams and stonework to tie in with the natural landscape, Hunnel says.

Lot buyers can select a builder from a list of Greenstone-approved contractors or request to have their own builder approved as part of the architectural review process, Fanning says.

Land at the development site not included in the residential lots will remain undeveloped, Hunnel says, adding that most of the 140-acre parcel, which lies east of Lakeside Road, will be placed under a conservation easement and donated to the county.

The development is named for Roderick MacKenzie, a wealthy businessman whose family owned the property for more than a century before selling it recently to Greenstone.

Greenstone's other ongoing developments include the River District, a mixed-use development south of the Spokane River in Liberty Lake, and Kendall Yards, an urban community northwest of downtown Spokane.