A rendering of a mixed-use development at 425 Main St. in Woodbridge, where plans call for 376 apartments and 20,000 square feet of retail space — Rendering by Minno & Wasko Architects and Planners/Courtesy: Cushman & Wakefield
By Joshua Burd
Russo Development and Onyx Equities have closed on a 21-acre parcel in Woodbridge, clearing the way for a project that will add 376 apartments and new retail space to the township.
Brokers with Cushman & Wakefield announced Monday that the developers, operating as R&O Woodbridge Urban Renewal LLC, have acquired the Main Street property from multiple undisclosed sellers. They’re now slated to break ground this summer as part of a long-awaited redevelopment of the site around the landmark former Hess tower on Route 9.
C&W represented the sellers, noting that the property includes multiple contiguous parcels in the area of 425 Main St. The site changed hands with site plan approval in place for the mixed-use development, designed by Minno & Wasko Architects and Planners, although terms were not disclosed.
“The site’s designation by Woodbridge Township as ‘an area of need of redevelopment’ provided unique flexible zoning and set the framework for the approvals to be obtained,” said Brian Whitmer, a member of C&W’s East Rutherford-based capital markets team. “It’s a tremendous opportunity for the buyer as Woodbridge is undergoing a significant renaissance.”
Whitmer brokered the sale alongside Don Eisen, James Frank, Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Ryan Dowd. They noted that the property, which sits just west of Route 9, is minutes from the New Jersey Turnpike, the Garden State Parkway and Route 440.
Russo and Onyx are slated to build roughly 20,000 square feet of retail space as part of the project, C&W said. The immediate area is already a destination retail hub, offering more than 3 million square feet of shopping, entertainment and services, including a Wegmans across the street, along with big-box retailers and restaurants.