The first phase of a multifamily development in the University District could soon be underway.

Phoenix-based Sagamore Capital applied for permits to build the first phase of its River Bend development, which includes two, four-story buildings each spanning more than 15,600 square feet at 111 N. Erie St.

At full build-out, the $45 million project – located between Martin Luther King Jr. Way and the Spokane River – will include four buildings spanning nearly 75,000 square feet with 267 studio, one- and two-bedroom apartments.

The project designer is Rustin Hall, principal of Spokane-based ALSC Architects.