VERONA, NJ — D&R Verona, LLC, a joint venture between Dinallo Construction Corporation and Russo Development, has acquired the former Annin Flag factory on Bloomfield Ave. in Verona. The building has been vacant since Annin Flagmakers relocated its manufacturing operations in 2013. D&R plans to renovate the existing building into 51, loft-style apartments and construct a new building with 68 additional units on an adjacent property it also acquired. The project, Annin Lofts, will respect the history of Annin & Co., the oldest and largest flag maker in the United States, by restoring the building with the highest quality materials, interior finishes, landscaping, and outdoor living spaces. Annin Lofts is the third joint venture between Dinallo Construction and Russo Development. The venture recently obtained approval to build 52 rental apartments and 6,100 s/f of retail space in the center of downtown Rutherford, and 111 apartments with 1,800 s/f of retail space on a vacant lumber yard at the Waldwick train station.
“We are happy about our venture with Dinallo Construction and we look forward to creating quality residential communities with them,” said Ed Russo, Russo’s chief executive officer. “Our families have enjoyed a great relationship for over 30 years and we look forward to continuing it well into the future.”“We are excited to be working together again with Russo Development,” said Donald Dinallo, president and chief executive officer of Dinallo Construction Corporation. “The Dinallo and Russo families share the common goal of building the highest quality projects with a personal interest and attention to every detail.” Russo Development is one of the most active, privately held developers of industrial, data center, and multifamily properties in New Jersey. Dinallo Construction Corporation, through its parent company Terminal Construction Corporation, is one of the top 400 full service construction companies in the United States.