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Development Update-O-Rama

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Construction will commence tomorrow on the first two buildings of a huge 10-building project in the South Bronx, the borough's largest new housing development in decades. Called Compass Residences, the $350 million project spans five acres on West Farms Road and is being developed by Signature Urban Properties. The first buildings will rise 9- and 14-stories at the corner of 172nd Street and Boone Avenue. When complete, the entire development will bring 1,300 new apartments, half of which will be affordable. [Crain's; previously]