New York—Monadnock Development, Signature Urban Properties, GTIS Partners, New York State Homes and Community Renewal, New York City Department of Housing Preservation and Development and New York City Housing Development Corp. were joined by other partners and city and state housing agencies for a ribbon-cutting to mark the completion of the first two out of 10 planned buildings at Compass Residences in the Bronx.
Buildings 1A and 1B are nine- and 15-story buildings, located at 1490 and 1500 Boone Ave. They have a combined total of 237 affordable to low- and moderate-income households in 247,665 square feet of residential space. The buildings also feature 4,932 square feet of retail space, 71 parking spaces, a shared courtyard and a public plaza.
“Today marks an important milestone for the Bronx and New York City, and we are thrilled to be part of the Compass Residences Development project,” said Tom Shapiro, president & CIO of GTIS Partners. “Since the initial stages of planning Compass Residences Development, we have been excited about the benefit it would be for this great community, and we are proud to see it to come to fruition. It is a wonderful opportunity to help transform this industrial location into a vibrant residential community that people will call home.”
The first building (1A) includes 110 mixed-income units, including seven studios, 47 one-bedrooms, 51 two-bedrooms and five three-bedrooms.
The second building (1B) is a 127 unit low-income building with nine studios, 55 one-bedrooms, 57 two-bedrooms and six three-bedrooms. Additionally, there are 25 apartments in this building set-aside for formerly homeless households. Some of these apartments are subsidized by project-based Section 8, LINC and OASAS contracts which allows residents to pay just 30 percent of their income towards rent.
The combined total development cost for both residential buildings in this first phase was $81.9 million.
“This is the first phase of a spectacular development that has been years in the planning,” said James Rubin, New York State Homes and Community renewal commissioner. “When it is complete, these two new buildings will stand alongside eight others–incorporating a new school, open space, retail and job opportunities, and a total of 1,300 new affordable apartments.”
Image courtesy of Monadnock Development