Russo Development enters Newark’s residential market

Russo Development’s Vermella brand has cropped up in places like Kearny, Woodbridge and most recently Garwood, where the community launched leasing last fall. Now, the brand is set to make its debut in the state’s largest city, Newark.

The Carlstadt-based firm announced it broke ground on the 297-unit Vermella Broad Street development, located adjacent to Newark’s Broad Street train station, Aug. 9.

Located at 355-365 Broad St., the apartment and retail community will include studio, one- and two-bedroom residences, 40,000 square feet of indoor and outdoor amenities spaces, and 4,200 square feet of retail space.

According to Russo, the site has been dormant for some time. The company said it will include 30 affordable housing units under the city’s Inclusionary Zoning Ordinance, and that it will also make a payment of $450,000 to the Newark Affordable Housing Trust Fund.

Development of the site was made possible by a 30-year tax abatement from the city.

“We are excited to be part of a transformative project which supports the city’s vision for economic development and affordable housing in the Lower Broadway community,” said Russo Development CEO Edward Russo said in a statement. “Newark’s downtown has experienced incredible growth over the past five years, and we look forward to delivering a new and diverse housing option by the fall of next year.”

Vermella Broad Street will include green spaces, two private interior courtyards, an infinity pool and a rooftop lounge with views of downtown Newark and New York City. Inside, resident lounges, a fitness center with private work out studio, coworking spaces, a sports simulator, and package and concierge services will be available to residents.

Additionally, the community will engage local artists for an installation and public exhibition space that is accessible from the street.

“Newark’s business districts continue to attract large world-class corporations with employee bases that are looking for nearby quality housing,” said Newark Mayor Ras Baraka. “Vermella Broad Street introduces a new housing option for these residents, with distinctive styling that features contributions from our own arts community, immediately connecting it to the city’s cultural life. We are anticipating the building’s completion and its residents’ participation in the life of the city.”

Russo said Vermella Broad Street advances the mayor’s vision for equitable growth, including with transit villages to foster development. The property is walking distance to Newark’s downtown commercial business district and the campuses of New Jersey Institute of Technology and Rutgers University-Newark.