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 city’s planning and urban development director. “There continues to be an interest in housing development in Portland, and there continues to be a need for more housing.”

These architect’s renderings show a proposed five-story 45-unit condominium project at 218 Washington Ave.in Portland.

The project is proposed in an area that is experiencing a bit of a renaissance. The half-mile stretch on Washington Avenue has seen an influx of restaurants, cafes and distilleries in recent years. City officials last year also approved a proposal for one property owner to use shipping containers as retail stores at 93 Washington Ave. Other nearby development proposals include a five-story, 17-unit condominium building at Congress Street and Washington Avenue, and a five-story, five-unit condo building at 118 Washington Ave.

Maietta did not respond to an interview request Friday afternoon.

The site at 218-220 Washington Ave. is steeply sloped, so developers are planning on building a retaining wall on the Anderson Street side of the property. Parking for 45 vehicles would be available on the basement level of the building, according to planning documents.

The documents indicate that 22 single-bedroom units and 23 two-bedroom units are planned, ranging from 562 square feet to 1,507 square feet.

The project is large enough to trigger the city’s inclusionary zoning ordinance, which requires 10 percent of the units in developments with 10 or more units to be affordable to middle-income earners, defined as earning 100 percent to 120 percent of the area’s median income.

Developers can opt out of that requirement at a cost of $100,000 per unit of affordable housing not built. That money goes into the city’s housing trust fund, which is used to provide incentives for affordable housing.

Levine said he’s not sure whether Maietta, who has the property under contract to purchase, is planning to provide affordable units or take advantage of the opt-out provision.

A traffic analysis submitted by the developer indicates that the project would generate 15 to 17 vehicle trips in the morning and afternoon peak times. Entry to the basement parking structure would be from Washington Avenue, south of the Eastern Promenade-Washington Avenue intersection.

Levine said planners have just begun reviewing the proposal and that no date has been set for a Planning Board workshop or hearing.