M id A tlantic Real Estate Journal — Owners, Developers & Managers — July 2024 — 21A
www.marej.com
O wners , D evelopers & M anagers A 296-home rental property located near NJ Transit’s Broad Street Station Russo Development formally opens Vermella Broad Street in Newark, NJ
N EWARK, NJ — New- ark city leaders re- cently joined princi- pals of Russo Development to formally open Vermella Broad Street, a transformative residential development that is being credited with anchor- ing the redevelopment of the neighborhood on the north side of the Broad Street NJ TRANSIT train station. A group of municipal, busi- ness and community dignitar- ies, including Deputy Mayor and Director of Economic and Housing Development Allison Ladd , gathered for a twilight ribbon cutting ceremony to unveil the luxury lifestyle community which features a collection of 296 apartments and 40,000 s/f of modern ame- nities located at 355 Broad St. less than 500 feet from the train station. The milestone moment ar- rives with 70% of the homes at Vermella Broad Street already occupied, underscor- ing its broad appeal to local Newark residents, the city’s substantial employee base seeking proximity to their workplaces, and newcomers drawn to the heart of New Jersey’s business, culture, and entertainment epicenter. The event unfolded in the property’s clubroom and court- yard, showcasing the elevated lifestyle characteristic of Rus- so’s signature Vermella brand, which now spans 14 existing communities across New Jer- sey, including in nearby Har- rison, Union, Orange, and Ke- arny. New Vermella projects are slated for Belleville, New Brunswick, East Brunswick and Hackettstown, with more to come. Edward Russo , CEO of Russo Development, ad- dressed the gathered crowd, stating, "Today marks a pivot- al moment as we celebrate not just the successful opening of Vermella Broad Street, but the collaborative spirit that made it possible. Mayor Baraka and his administration have been invaluable partners fostering this public-private partner- ship. As Newark undergoes dynamic growth, we're proud to contribute to its economic vitality, offering a modern lifestyle community. We're excited to witness the lasting positive impact our communi- ty will have on this important, transit-oriented neighborhood and Newark as a whole."
a transformative, transit- oriented development. It’s just so wonderful for us to be here for something that was balanced, something that was a partnership and something that really is for our commu- nity,” she added. “Community is so much a part of what our mayor stands for — the resi- dents that have been here, our church neighbors, those that own property around this beau- tiful building. It is all about community development, and just having the opportunity to now see what has been brought to life is heartwarming.” MAREJ
“Vermella is a giant step forward for our strategy of transit-oriented development around our train stations,” said Newark Mayor Ras J. Baraka in a statement. “The arrival of Vermella has already begun the transforma- tion of the Broad Street Sta- tion area into an exciting and walkable mixed-use, mixed- income residential neighbor- hood. We are grateful to the Russo organization for bring- ing their successful Vermella concept to Newark.” Speaking to attendees Ladd added “This really is
Edward Russo, CEO of Russo Development (Center Right) and Newark Deputy Mayor and Director of Economic and Housing Development Allison Ladd (Center Left) were joined by a distinguished group of community dignitaries for a ceremonial ribbon cutting to formally open Vermella Broad Street.
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