Saturday, October 4, 2014

Four Massive Apartment Complexes Set to Rise in the Bronx

Affordable housing is at the center of four enormous residential developments that will transform large collections of vacant land in the Bronx into vibrant new communities. Three new residential developments are set to rise in a rezoned 75-block area in the West Farms and East Tremont sections of the borough, while a massive $345-million development is in the works for the South Bronx.

Tremont Renaissance  

The 13-story Tremont Renaissance will break ground soon at East Tremont Avenue between Webster and Park Avenues.

Bronx real estate baron Radame Perez, landlord to 3.5 million square feet of real estate in the Bronx, Westchester and Manhattan, a 13-story, 256-unit below-market-rate apartment building at East Tremont Avenue, between Webster and Park avenues.

The $90 million, 55,000- square-foot complex will boast a fitness center, children’s play area, 100 underground parking spots, laundry rooms, a community room, outdoor recreation space, a daycare center and a rooftop terrace.

All of the 256 rental units will be set aside for households earning below the area’s median income — estimated at $20,596 by the U.S. Census Bureau.

Perez’s company, Mastermind Development, is in talks with Lucky Strike Lanes, the hip bowling alley of Midtown Manhattan fame. The developer sees lots of entertainment potential for Webster Avenue.

Tremont Renaissance will sit diagonally across from Echo Park and adjacent the Tremont Metro-North station, offering residents an easy a 16-minute Metro-North commute to Midtown Manhattan

Compass Residences


The Compass Residences is a 1,300-unit mega-development being developed Signature Urban Properties, run by former City Council Speaker Gifford Miller, and Monadnock Construction.

The first, $76 million phase of the 10-building project broke ground this summer on a former industrial street adjacent to the Sheridan Expressway.

Phase-I will consist of two buildings, rising 9- and 14-stories, at the corner of 172nd Street and Boone Avenue. All of the building’s 237 units of will rent at below-market-rate.

The developer intends to begin work on additional phases every couple of years, and expects to complete the 10 buildings in about six years.

The area of mostly derelict warehouses and auto repair shops was rezoned in 2011 so that Signature's development could be constructed.

When complete, the Compass Residences buildings will rise as high as 15 stories and eventually bring 1,300 new apartments to the neighborhood, half of which will be affordable.

In total, the project is anticipated to cost around $350 million, and will include 46,000 square feet of retail space.

La Central Apartments

From East 149th Street and Brook Avenue all the way north to East 153rd Street remains the largest track of city-owned land in the South Bronx. Located in Melrose, adjacent to the Hub, will rise a massive 985 unit housing complex the likes of which the Bronx has never seen.

La Central, as the massive development project will be called, will be constructed by BRP Development and The Hudson Companies.

The five-building complex will also include a new YMCA, recording studio, an astronomy lab and observatory, plus retail space and supportive housing for veterans.

La Central will be comprised of 5 buildings with 985 units of mixed-income housing and will offer a plethora of amenities, including a 48,000 square foot YMCA, 43,000 square feet of retail space, 5,000 square foot community space and a recording studio.

The complex will be topped off with the Bronx Astronomy Tower and Lab, which will include a rooftop observatory and telescope, plus a rooftop farm. 

The project comes on the heels of the construction of the income-regulated Via Verde complex, which opened two winters ago. It brings to just under 50,000 the number of affordable units planned by the Bloomberg administration in the Bronx.

Construction consists of two-phases on approximately 185,000 square feet of city-owned land and has a projected price tag of $345 million.

The development will also include a diabetes prevention program, operated by Bronx medical giant Montefiore Medical Center, and 96 units will be set aside for formerly homeless veterans and New Yorkers living with HIV/AIDS, to be operated by health and housing service provider Comunilife.

Project Details:
Building A:
211 affordable apartments; approximately 48,000 square foot YMCA-community facility; a diabetes prevention program operated by Montefiore Medical Center; rooftop farm; approximately 19,000 square feet of new retail space.
Building B:
279 affordable apartments; approximately 24,000 square feet of retail space, including restaurant space; cellar level garage with approximately 138 parking spaces.

Building C:
137 affordable apartments; 5,000 square feet of community space consisting of a recording studio and curate workshops and open the recording studio to projects for and by the community.

 Building D:
160 affordable apartments plus a 10,000 square foot mental health clinic operated by Comunilife that will work with veterans living within the development and individuals within the community.

 Building E:
198 affordable apartments, plus the Bronx Astronomy Tower and Lab – a rooftop telescope to be used by the Bronx High School of Science, and a daycare facility

click to enlarge
The approximately 7,000 square-foot triangular vacant lot at the intersection of Brook and Bergen Avenues will be developed as open space, accessible to the general public.

La Central is geared toward families: nearly 50 percent of the affordable units will have at least two bedrooms.

But unlike Via Verde, all of the nearly 1,000 affordable apartments are slated to be rentals.

The proposal is expected to pass City Council approval, and should break ground in mid-2015. 

West Farms Apartments


Private developer Pankaj Shah, and his Best Development Group plans to construct a $42,000,000, two-building mixed-use complex on a vacant lot between West Farms Road, Boston Road and Longfellow Avenue in the Bronx.

The 237,000-square foot project is being designed NDG Architects and will include one 14-story building with 153 units, and one eight-story building with and additional 28 units, to be constructed adjacent to the Howard Johnson Motel.

The multifamily buildings at 1939 West Farms Road will bring a total of 181 below market-rate apartments to the area.  The developer plans to lease space on the ground floor of both buildings to retail tenants.

Construction of the West Farms Apartments is scheduled to break ground in January.

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