In this paper we present the first phase of the ongoing SpaceBank project that attempts to create a linguistic resource for annotating and reasoning with spatial information from text. SpaceBank is the spatial counterpart of TimeBank, an electronic resource for temporal semantics and reasoning. The paper focuses on building an ontology of lexicalized spatial concepts. The textual occurrences of the concepts in this ontology will be annotated using the SpaceML language, briefly described here. SpaceBank is designed to be integrated with TimeBank, for a spatio-temporal model of the textual information.