Nearly two years after breaking ground, Russo Development‘s transit-oriented Vermella Broad Street is officially open.

The 296-unit community located adjacent to the city’s Broad Street train station celebrated its debut May 30 with Newark Deputy Mayor and Director of Economic and Housing Development Allison Ladd, as well as other city officials and dignitaries.

Already at 70% occupancy, the residential development builds on efforts to bring residents into the city’s downtown space and serves as an anchor of the north side neighborhood’s redevelopment. The transit-oriented luxury project is 500 feet from the train station. Beyond its rail and highway access, it offers 40,000 square feet of modern amenity space.

“Today marks a pivotal moment as we celebrate not just the successful opening of Vermella Broad Street, but the collaborative spirit that made it possible,” Russo Development CEO Edward Russo said. “Mayor Baraka and his administration have been invaluable partners for fostering this public-private partnership.

“As Newark undergoes dynamic growth, we’re proud to contribute to its economic vitality, offering a modern lifestyle community,” Russo added.

Newark Mayor Ras Baraka described Vermella as a giant step forward for the city’s transit-oriented development strategy. He cited the developing mixed-use, mixed-income walkable area the community is helping to usher in.

“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 community,” Ladd said, describing Vermella Broad Street as transformative. “Community is so much of what our mayor stands for … It’s all about community development, and just having the opportunity to see what has been brought to life is heartwarming.”

Vermella views

Vermella Broad Street sits on 3 acres. The twin five-story buildings offer a mix of studios as well as one- and two-bedroom apartments. Each building has its own lobby, secure garage parking and 24-hour gated security as well as access-controlled entry. Select homes include private outdoor balconies. A portion of affordable housing is included.

On the street level, a community gallery space will regularly exhibit works from local artists and host neighborhood events.

Monthly rents start from $2,000.

Russo Development’s Vermella Collection spans 14 existing communities throughout New Jersey. The developer has projects slated for Belleville, New Brunswick, East Brunswick and Hackettstown as well — with more to come, according to Russo.

The Carlstadt-based company started on Vermella Broad Street at 355-365 Broad St. in 2022.