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As Portland State University continues its expansion, developers are starting to take advantage of the school’s growth.

Construction started recently on a new, four-story student housing development on Southwest Meade Street. The $1.4 million project, named the Water Apartments, will help address the shortage of nearby housing for PSU students, according to Rich Grimes, owner of WDC Construction, the project’s contractor.

The 29-unit building will have one- and two-bedroom units, with a laundry room and a community room on its first floor. Outside the building will be a picnic area with communal gas barbecues and a bike storage unit.

The Water Apartments may be the first of many student housing developments going up in the area, as the recently approved Education Urban Renewal Area will devote $46 million, or 30 percent, of financing set-asides to housing needs; because the URA was recently approved, the Water Apartments did not receive any financing.

Construction started in the beginning of May and is set to finish in time for the upcoming school year.