A stretch of warehouses bordered by the Sheridan Expressway in the Bronx will begin its residential transformation this summer. The Journal reports that developers are ready to break ground on a $350 million 10-building residential development called Compass Residences on West Farms Road in the South Bronx, bringing some 1,300 units of affordable housing to the neighborhood. Signature Urban Properties is developing the first $70 million phase of the project with Monadnock Construction. The first two buildings will have about 237 apartments, and the developers hope to break ground on the other buildings every couple of years, so the whole set of 10 would be complete in just six years.
The tallest building will rise 15 stories, and the project will include retail space and two large landscaped public spaces. The area was rezoned from industrial use in 2011 to make way for the development. Some locals are upset that the project will be knocking down a famous graffiti-covered warehouse (sound familiar?), but the developer has floated the idea that part of the new project could have space for organized street art. Others are concerned that the developers will back down from offering affordable housing, but the first two building, at least, are being built under Dept. of Housing Preservation and Development programs to ensure longterm affordability.
· Development Set to Sprout in West Farms [WSJ]
· 'Small City' to Rise Between Expressways in the Bronx [Curbed]