Joel Rivera - Compass Residence Ground Breaking

The Bronx is Building!

Compass Residences Development

How does over 1300 units of Affordable / Mixed Use housing with a total investment of over $350,000,000 dollars sound? 

The first 2 buildings out of 10 in total broke ground today with the first phase consisting of 237 units. This is the largest housing development to be constructed in the Bronx in over 50 years.

The location of this massive project is an area that has been the focus of those in government and the private sector to rebuild and change the landscape from a neighborhood that was unwelcoming, to a vibrant community.

Joel Rivera - Compass Residence Ground Breaking
RuthAnne Visnauskas, Robert Frost, Gifford Miller, Ruben Diaz Jr and Joel Rivera

Affordable / Quality Housing is a major need in the Bronx. From the days of President Jimmy Carter & President Ronald Reagan touring the neighborhood and seeing the urban plight that existed. To Mayor Koch & Boro President Fernando Ferrer leading the way to rebuilding the Bronx and NYC, this area along with other locations in the Bronx has seen major investment being made.


Who made this project possible?

Compass Residence was the vision of Gifford Miller (Former Speaker of the NYC Council) and his Partner Robert Frost from Signature Urban Properties. 7 years ago they toured the Bronx to determine the best location for their dream project. Our very own Bronx Boro President Ruben Diaz Jr. was an early supporter of this project and even made a total investment of $1.2 Million dollars to see it come to fruition.  Joel Rivera (Me) invested $1.3 Million Dollars to seed this development. Councilwoman Maria Del Carmen Arroyo made an investment of $500,000 as well to ensure that this project had the much needed financial support to become a reality.  HPD (Department of Housing Preservation and Development) also made this project a priority by investing in it.

How long will this project take?

The goal is to have all 10 buildings constructed within the next 6 – 7 years. 

Partners in this Project

  • Signature Urban Properties
  • MBD Mid Bronx Desperados
  • Monadnock Construction
  • and others.

This development is one of the many great projects being built in the Bronx. That’s why I’m proud to say:

The Bronx is Building!

“This project highlights that Public-Private Partnerships is the best way to create vibrant communities”. 

As always, thank you for reading and please share the great news.

Joel Rivera
Realtor, Web Designer
& Former Majority Leader of the NYC Council

 


5 thoughts on “The Bronx is Building!

  1. Congrats on this new development! The Bronx is a borough filled with promise and it’s developments like these that only add to its bright future!

    1. Thanks Alfonso, this project was years in the making and it’s just a small part of the Bronx Renaissance. One of my favorite quotes is, “It takes a Village to raise a Child”. With good homes, good schools and a supportive community, anything is possible.

  2. Its great to see the Bronx continuing its rebuilding phase started in the early 80s. My dad and I invested in a HUD development project in the Bronx early 1986 and still own the house which has substantially increased in value. Many props to all involved in this new project.

    1. Thanks for the Comment Eddie, This project like many others shows that the Future of the Bronx is looking Bright.

      Also congrats on a smart investment.

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