Page 18 - RE-NJ

16 JUNE 2024
Vermella Broad Street at 355 Broad St. in Newark
MILESTONE MOMENT
Russo formally opens Vermella Broad Street in Newark, a project seven years in the making
Vermella Broad Street has long since opened its doors —
well before an official ribbon cutting ceremony in late May — with more than 200 units already rented at Russo Development’s new luxury apartment complex at the north end of downtown Newark.
Ed Russo was quick to acknowledge that, noting that he had been holding out for warmer weather,
but he suggested it was all the more gratifying to unveil a property that’s “now a hundred percent complete and feeling like a community with
the number of residents that we have that are already in occupancy.”
Notably, those residents hail from at least a dozen different states.
Development. “And I think being
70 percent leased — and now we can see who’s living here and where they’re coming from — we’re very proud of the fact that we’ve been able to attract not just young people or students or empty-nesters, but
a very broad and diverse group of residents, which we feel blessed to have.
“We can do the best we can, but unless people come, we can’t be successful,” he added. “So thank you to some of the residents that are here tonight, too.”
The May 30 ceremony was the culmination of a project seven years in the making, Russo said, bringing life to a long-vacant site just north of Interstate 280 and NJ Transit’s Newark Broad Street station. It’s also one of the firm’s highest-profile developments to date and its first
in Newark, even for a company that has built thousands of homes in New Jersey over the past decade, many of them just minutes away in neighboring municipalities.
As he thanked the firm’s partners in the project, Eli Dwek and Albert
Ed Russo
“We really
tried to design this project so that it could
be welcoming to a number
of different demographics,” said Russo, the CEO of Russo
By Joshua Burd
Courtesy: Russo Development