Organization Name: Monadnock Development
Project Title: Compass Residences
Project Location: Corona Park East, Bronx
Compass Residences revitalizes a previously blighted and underutilized strip of property which had hindered redevelopment opportunities in the community. This large development project brings almost 900 units of affordable housing to the Corona Park East neighborhood in the Bronx of which 119 units have been set aside for homeless families, a priority of the De Blasio administration. The development plan also includes large through block passageways through the site which will provide nearby residents with more direct access to Starlight Park and be particularly useful if the state and local governments are able to modify the nearby Sheridan Expressway to become more pedestrian friendly. Construction of Compass One and Two are complete as of spring 2016 and 2017, respectively. Compass Three is expected to close on financing in 2018.
Compass Residences consists of three phases, comprised of six buildings from 9 to 15 stories, 895 units, and about 13,000 SF of retail. When fully completed, about 75% of the units will be for low-income households 60% AMI or below. Many of the low-income units are below 60% AMI and 119 units are set aside for homeless households. The remaining units are for moderate-income households at 80% or 90% AMI. The buildings are designed to integrate the new, larger buildings with the low-scale residential buildings nearby while also creating a strong street edge. Setbacks serve to minimize the visual and shadow impacts that the new buildings have on the neighborhood and help to better relate them to the low-story buildings across the street. Compass Residences all have landscaped courtyards for use by the residents and their guests. The designs take advantage of the naturally occurring rock outcroppings to produce attractive and inviting formations at various places in the courtyards.
Compass Residences is a large scale development plan that is the result of the largest private rezoning in Bronx history, paving the way for a small city to be built on a largely underutilized strip of light industrial land. The project creates much needed affordable housing and will have a community board preference. Approximately 13,000 square feet of retail space will provide services to the neighborhood. A deli, florist and after school center have already opened. The Compass Residences are also designed to provide two mid-block open areas that will provide a passive, landscaped area in which the large community can gather as well as a passage way to descend down the sloped site to West Farms Road. These open areas provide entry to the buildings and also allow the community to enjoy the outdoor space. The project also includes a six-story, 450-seat elementary school on part of the Compass 3 site, which will be designed and constructed by the School Construction Authority.
The development team is Monadnock Development, Signature Urban Properties LLC and GTIS. The design team includes Dattner (architect), Starr Whitehouse (landscape architect), DeNardis Engineering (structural), and Joselow Associates (MEP). Monadnock Development is a leader in affordable and market-rate housing in New York City, combining development, construction and financial expertise. Signature Urban Properties, LLC focuses on the development of underutilized urban properties to transform neighborhoods and provide affordable housing for New Yorkers.