Plans for Russo Development’s Vermella Broad Street call for 297 apartments, upscale amenities and retail space at 355-365 Broad St. in Newark. — Courtesy: Russo
By Joshua Burd
Russo Development has broken ground in Newark on a project that will bring nearly 300 apartments to a site just north of Interstate 280 and NJ Transit’s Broad Street station.
Located less than 500 feet from the transit hub, the complex at 355-365 Broad St. will be the company’s first in the city after a host of developments in nearby towns, including Harrison, Kearny and Union. The 297-unit Vermella Broad Street project is now poised to revitalize a long-dormant site, with plans to include 30 affordable housing units under Newark’s inclusionary zoning ordinance, along with upscale amenities and 4,200 square feet of retail space.
“Newark’s business districts continue to attract large world-class corporations with employee bases that are looking for nearby quality housing,” Newark Mayor Ras J. Baraka said. “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.”
In detailing the project, Russo on Tuesday said the development was made possible by a 30-year tax abatement from the city. The firm also said it is making a $450,000 payment to the Newark Affordable Housing Trust Fund, in a project that advances Baraka’s call for equitable growth around transit hubs and mixed-use and mixed-income housing.
All told, Vermella Broad Street will have studio, one-bedroom and two-bedroom apartments and amenities spanning 40,000 square feet, including green spaces, two private interior courtyards, an infinity pool and a rooftop lounge with views of downtown Newark and New York City, according to Russo. Indoor amenities will include resident lounges, a modern fitness center with a private workout studio, co-working spaces, a sports simulator and package and concierge services.
The property will also celebrate Newark’s contemporary arts movement with installations by local artists in a new public exhibit space accessible from the streetscape. Residents, meantime, will be minutes from the New Jersey Turnpike and the Garden State Parkway and within walking distance of downtown Newark and the New Jersey Institute of Technology and Rutgers University campuses.
“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 Ed Russo, CEO of Russo Development. “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.”