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A new $1.5 million, three-story, 14-unit apartment building is being planned for 5134 S.E. Division St., according to city records.

Erik Opsahl of Portland-based Rainier Pacific Development LLC, general contractor for the project, said an old house that had been converted into two apartments will be demolished for the new building.

Opsahl said the apartments will be market rate and the building cost is $155 per square foot.

鈥淭hat’s pretty average right now,鈥� he said. 鈥淭hey’re going to be nice apartments with nicer finishes and a fair amount of landscaping.鈥�

The building will have 40 percent more occupancy because of density bonuses from the city, he said. Amenities that led to the density bonuses include a community courtyard with a fireplace, sound insulation, increased security, storage and appropriate outdoor illumination.

Architects for the project will be John Weil and Chris Bixby, he said, both of whom were with Allied Works Architecture for more than 20 years and have formed a new company, as yet unnamed. The developer is Urban Asset Advisors of Portland.

Construction should start in September, Opsahl said, and will take nine or 10 months.