22B — October 27 - November 9, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers Passaic Avenue Redevelopment Area Russo Development breaks ground on 280-unit apartment community
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retailers including Shop-Rite, LA Fitness, Sarku Japanese Restaurant and Carter’s. Vermella West is Russo’s second residential project in Kearny. Russo also developed Vermella Crossing, located at the intersection of Bergen and Schuyler Aves., which consists of 230 rental apart- ments and two retail pads currently leased to CVS and Investors Bank. The first phase of Vermella Cross- ing was completed in 2015 with a second phase sched- uled for completion in early 2018. Russo also completed
Saw Mill Park in Kearny, a 350,000s/f industrial project along Belleville Tpke. which is currently home to the Pep- sico and HD SmithWholesale Drug Company, “We are very pleased to break ground on another exciting project in the Town of Kearny,” said Michael Pembroke, executive vice president of Russo Develop- ment. “Kearny is a strong residential community with convenient access to major employment hubs in Newark, Jersey City, and New York, and Vermella West will pro- vide new rental housing at a competitive price which is scarce in this area.” “VermellaWest will advance the Town of Kearny’s vision to bring continued development and vibrancy to the Passaic Avenue Redevelopment Area which is along one of main corridors in our Town” said Mayor Alberto Santos. “The site was formerly occupied for industrial use however it had been vacant for several years, and this project is the result of proactive steps taken by Kearny in collaboration with Russo Development to encourage redevelopment of this area.” “Vermella trans- lates into red, Russo Develop- ment’s signature color,” said Adam Pasternack , senior vice president of leasing and marketing at Russo Develop- ment. “Its meaning is much more expansive though, the Vermella brand stands for high quality construction, at- tention to detail, and passion for the way we design, build, and manage our communi- ties.” “Distinguished among the wave of residential develop- ments in northern New Jer- sey, Vermella signifies distinc- tive living experiences in ur- ban locations which are com- petitively priced for a broad range of households seeking new housing,” according to Pasternack. “This project will continue the Vermella brand started by Russo Development in 2012 and will complement our other residential projects built or under construction in outstanding communities in- cluding Harrison, Lyndhurst, Kearny, Hackensack, Verona, Union Township, Garwood, and others.” Vermella West is scheduled for completion in the Fall of 2018. n
earny, NJ — Rus- so Development was joined by Kearny
officials to break ground on Vermella West, a 280-unit apartment community in Kearny. Vermella West, located at 113 Passaic Ave., consists of four residential buildings and over 15,000 s/f of indoor and outdoor amenity spaces. The project is located in the Passaic Av- enue Redevelopment Area and is adjacent to several new retail projects includ- ing a BJ’s anchored power center and other prominent
Shown from left: Councilwoman, 1st Ward Marytrine De Castro, Kearny Councilmember 1st Ward Albino Cardoso, Mayor Alberto Santos, Ed Russo, Mike Pembroke, Chris Minks, and Amanda Soler, Diogo Santos, Russo Development.
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