A developer with a slew of projects throughout the Garden State has officially opened their first venture in Newark as Vermella Broad Street hopes to spark a revitalization around a Brick City transit hub.
Newark city leaders recently joined principals of Russo Development to formally open the low-rise redevelopment on the north side of the Broad Street NJ Transit station. The complex includes 296 rental apartments and 40,000 square feet of modern amenities including a pool.
The development received a 30-year tax abatement back in 2021 and includes an affordable housing component. It represents part of the effort to revitalize the area, which is often overshadowed by the more developed Newark Penn Station.
“Vermella is a giant step forward for our strategy of transit-oriented development around our train stations,” said Newark Mayor Ras J. Baraka in a statement. “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.”
The entirety of the complex features twin five-story buildings spread over three acres that were once just vacant land. Besides the new housing, Vermella Broad Street includes a street-level community gallery space that will regularly exhibit the works of local artists and play host to neighborhood creative events.
“As Newark undergoes dynamic growth, we’re proud to contribute to its economic vitality, offering a modern lifestyle community,” said Russo Development CEO Edward Russo during the ribbon cutting. “We’re excited to witness the lasting positive impact our community will have on this important, transit-oriented neighborhood and Newark as a whole.”
The completion of Vermella Broad Street can be viewed as a welcome sign for the area, which has had countless and massive redevelopment plans proposed over the years with few thus far coming to fruition.
Russo has other projects in the pipeline for the area, as The Bridge by Vermella is in the works just across the Passaic River from Newark on the site of a former American Strip Steel factory.
