The Real Deal New York

Four down, four to go: Monadnock files plans for new resi building in Bronx megacomplex

Building to be part of Compass Residences project in Claremont
By Eddie Small | August 23, 2017 01:40PM

Rendering of Compass Residences (Credit: Dattner Architects)

UPDATED, 3:33 p.m. August 24: The massive Compass Residences affordable housing development in the Bronx is moving forward.

Monadnock Development filed plans with the city on Wednesday for an additional building in the eight-building complex. This one will be located on a vacant lot in Claremont at 1560 Boone Avenue and contain 366 affordable residential units, filings show.

The mixed-use project will be 16 stories tall and span 604,082 square feet, including 7,276 square feet of commercial space and 1,202 square feet of community space. The remainder of the space will be residential.

Monadnock is developing Compass Residences with Signature Urban Properties as part of the West Farms Redevelopment Plan. The neighborhood was rezoned from industrial to residential in 2011 under Mayor Michael Bloomberg, and in 2013, officials demolished a 65,850-square-foot industrial building on the site.

The first two Compass Residences buildings, 1A and 1B, opened in November at 1490 and 1500 Boone Avenue. Combined, they feature 237 affordable apartments for households making between $28,835 and $52,389 per year, along with 4,932 square feet of retail, 71 parking spots, A Public Plaza and a shared courtyard. Compass Residences 2A and 2B have since opened as well. GTIS Partners was involved with opening the first four buildings.

The complex is ultimately expected to span five acres and contain more than 1,300 affordable housing units, 46,000 square feet of retail, a playground and two landscaped public spaces. The estimated cost of Compass Three is $145 million, and Bronx Borough President Ruben Diaz Jr. will contribute $500,000 to the project. Monadnock hopes to break ground in 2018.

Monadnock Development is also behind affordable housing projects in East New York, where they are planning to bring 240 units across 21 buildings to Schroeders Avenue, Ashford Street and Gateway Drive, and Flushing, where they filed plans last March for a 227,000-square-foot development at 133-55 41st Avenue.

Correction: A prior version of this article inaccurately implied that Compass 1A and 1B were the only two buildings that had opened. This post has also been updated to reflect the latest building numbers for Compass Residences and clarify the role of GTIS Partners.