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Bijou, as well as members of its in-house and professional teams, including Minno & Wasko Architects and Planners, Russo said the two- building, 296-unit property would
not be possible without city officials’ cooperation over several years. Chief among them was Allison Ladd, the city’s top economic development official under Mayor Ras Baraka.
“Allison will tell you we had a good number of meetings during the approval process for this project, and we felt very blessed that the city worked with us to help us navigate through the process,” Russo said. “This is our first project in Newark, and even though we had built in a lot of the surrounding communities — like Orange, Harrison and Kearny — Newark was very much a new place for us. And without Allison Ladd’s help and her team shepherding us through the process, we wouldn’t have been able to build this beautiful community.”
Ladd, the city’s deputy mayor and director of economic and housing development, was among the Newark officials on hand for the ceremony at 355 Broad St.
“This really is a transformative, transit-oriented development,” Ladd said, citing the project’s location in a burgeoning neighborhood and the inclusion of 30 affordable housing units.
“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,”
she added.
“Community is so much a part of what our mayor stands for — the residents that have been here, our church neighbors, those that own property around this beautiful building. It is all about community development, and just having
the opportunity to now see what has been brought to life is really heartwarming.”
Vermella Broad Street is the 14th project under Russo’s Vermella brand of high-end apartments, consisting of twin five-story buildings spread over three acres. The mix of studio, one- bedroom and two-bedroom rentals
comes alongside 40,000 square feet of amenity spaces for residents, including a landscaped courtyard with a resort-style pool and grilling areas, a rooftop deck with panoramic views of Newark and New York City and a dog run.
Indoor spaces include a clubroom with outdoor access, a top-floor resident lounge, a fully equipped fitness center with a dedicated
yoga room and co-working spaces, according to Russo Development. Renters, meantime, are less than 500 feet from commuter rail service at Broad Street Station and minutes from a host of major highways, while they have quick access to the city’s academic and cultural institutions and the popular Ironbound district.
Russo noted that Vermella Broad Street, where monthly rents start from $2,000, also includes street- level community gallery space that will regularly exhibit the works
of local artists and play host to neighborhood creative events.
“Vermella is a giant step forward
for our strategy of transit-oriented development around our train stations,” Baraka said in prepared remarks. “The arrival of Vermella has already begun the transformation of the Broad Street Station area into
an exciting and walkable mixed-
use, mixed-income residential neighborhood. We are grateful to
the Russo organization for bringing their successful Vermella concept to Newark.”
Russo, for his part, noted that building in Newark was a new but positive experience for a firm that has predominantly developed in suburban towns or locations, where local officials are contending with fewer projects at a time. But the success of Vermella Broad Street could pave the way for other opportunities in the city.
“We would definitely do another project,” Russo said, noting that the company has looked at other sites for both residential and industrial development. Those prospects would be even more attractive in areas
that Newark is actively looking to redevelop, he said.
“We want to be in places where we’re not fighting to get approvals, where we’re being welcomed, and that’s
a big reason why Newark is very appealing to us,” he said. RE
Allison Ladd