In early 2013, a group of developers announced plans to move forward with the redevelopment of a stretch of industrial buildings along the Sheridan Expressway in the Bronx, into a massive affordable housing complex. Since then, four buildings of a total eight have been built as part of this megaproject. This week, developers filed plans for a fifth building, The Real Deal reports.
This new building will be located at 1560 Boone Avenue, stand 16-stories tall, and bring 366 apartments to the neighborhood. The first two buildings that opened at the megaproject in November last year had a total of 237 apartments and were open to New Yorkers making between $28,835 and $52,389 annually.
The project, known as Compass Residences, is a collaboration between Monadnock Construction, Signature Urban Properties and GTIS Partners. It will eventually bring over 1,300 affordable apartments to the Crotona Park East and West Farm neighborhoods, in the Bronx. When it was announced in 2012, plans originally called for a 10-building complex, which has since been scaled back to eight buildings.
In addition, the megaproject will create 46,000 square feet of retail, a new playground, and two new publicly accessible, landscaped outdoor areas. This development is part of of the West Farm Redevelopment Plan; In 2011, the Bloomberg administration rezoned this former industrial area into residential, to make way for the megaproject.