A South Portland developer is proposing a $13 million condominium development near an interstate off-ramp in Portland.
Vincent Maietta is seeking approvals for a four-story, 45-unit building at 218-220 Washington Ave., according to city planning files. It would replace a single-family home that currently sits across the road from the intersection of the Eastern Promenade and Washington Avenue, where the Exit 8 off-ramp from Interstate 295 ends.
The project is the latest in a seemingly endless procession of residential development proposals in Maine’s largest city, where a shortage of housing units and strong demand have been driving up rents, making the market attractive to investors.
Over the past three years, 1,435 units of housing have been approved by the city’s Planning Board, according to city data. Only 204 of those units have been completed and 740 are under construction.
“There is no sign of the market slowing down right now,” said Jeff Levine, the