$350M mixed-use Bronx project to break ground

Compass Residences will be the borough's largest private real estate project ever

TRD New York /
Jan.January 22, 2014 04:20 PM

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


Related Articles

arrow_forward_ios
Gifford Miller, a partner at Signature Urban Properties, and a rendering of the Bronx development

$350 million mixed-use Bronx development set to break ground

$350 million mixed-use Bronx development set to break ground
Placeholder image

Former speaker’s 10-building Bronx development could break ground by early next year

Former speaker’s 10-building Bronx development could break ground by early next year
$350 million mixed-use Bronx project gets green light

$350 million mixed-use Bronx project gets green light

$350 million mixed-use Bronx project gets green light
Gifford Miller’s Bronx development project to go before City Planning

Gifford Miller’s Bronx development project to go before City Planning

Gifford Miller’s Bronx development project to go before City Planning
Development group seeks to build 10 new Bronx high-rises

Development group seeks to build 10 new Bronx high-rises

Development group seeks to build 10 new Bronx high-rises
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...