A new ten-building residential development in Crotona Park East in the Bronx — the largest private real estate project in the borough to date – kicks off construction Thursday.
The Compass Residences, a 1,300-unit affordable housing development on the corner of 172nd Street and Boone Avenue, is being developed by a group that includes Signature Urban Properties, GTIS Partners, MBD Housing and Monadnock Construction, according to a release from the Department of Housing Preservation and Development. The first phase, which kicks off Thursday, will create 237 units of affordable apartments on the industrial site. The entire project should be finished by 2019.
The project is rising in an area that is currently made of derelict warehouses, according to previous reports. Rezoned from industrial to mixed use in 2011, the area now permits buildings up to 15 stories.
The estimated total cost for the site, which will also contain 46,000 square feet of retail space, is estimated to be around $350 million. — Julie Strickland