The celebration was attended by Mayor Al Santos and other members of the Town Council.
“Russo Development’s creative vision has breathed new life into Kearny properties that laid dormant for decades,” said Mayor Alberto (Al) Santos. “It’s been a great partner in creating new revenues for the Town while providing housing options for long-term residents looking to stay but downsize, as well as put us on the map for a new generation of residents.”
Russo Development completed the final phase of Vermella Crossing, a 230-unit property within the Schuyler Avenue Redevelopment Area in July 2018, and Vermella West which consists of 280 units within the Passaic Avenue Redevelopment Area last Fall.
Vermella East will be the second phase of Russo’s mixed-use redevelopment along the Passaic River. The six-acre site, which had been vacant for over 30 years after a fire destroyed the former manufacturing facility in the late 1980s, will be redeveloped with 268 apartment homes. It will feature studio, one-, and two -bedroom apartments with access to onsite services including a resident club room and “we-work” space, fitness center, pool, dog run and other amenities in a 9,200 square foot clubhouse.
Russo also announced that it has contracted to purchase the American Strip Steel site which is planned for the third and final phase of its Passaic Avenue project, which is currently being designed and is scheduled to commence in 2021.
“Kearny is a wonderful community that has shown its place as one of the best places to live in its market, with several vibrant new retail and residential developments completed during the past several years,” says Ed Russo, CEO of Russo Development. “Kearny is an ideal location for our Vermella brand, which pioneers unexpected but compelling locations where it can provide inspired lifestyle-driven housing with exceptional value.” Vermella developments are noted for their use of the highest-quality materials and finishes in thoughtfully designed buildings.
Initial occupancy is scheduled for May 2020 with full completion scheduled within a year.