The Planning Board has approved a five-unit residential development on Munjoy Hill that will be built on a steep slope off Sheridan Street.

Because of the land’s 45-degree slope, New Day Farm LLC will build the Sheridan Street Apartments using pier supports as tall as 14 feet for the ground floor.

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The $1.5 million project, designed by Archetype Architects, would add five market-rate units at 152-156 Sheridan St., behind the Maine Department of Corrections office on Washington Avenue.

The top-floor unit, which would be about 2,400 square feet and include a large outdoor deck, would be built for a heart surgeon who wants to live on Munjoy Hill. The four apartments — one townhouse and three flats, starting at 1,300 square feet — would be rented, but could be sold as condos in the future.

The board approved the project late Tuesday. Earlier in the same meeting, the board approved final site and subdivision plans for another project, called 118 on Munjoy Hill, a 12-unit condo complex at 118 Congress St.