NEWARK, NJ — Newark city leaders recently joined principals of Russo Development to formally open Vermella Broad Street, a transformative residential development that is being credited with anchoring the redevelopment of the neighborhood on the north side of the Broad Street NJ TRANSIT train station.
A group of municipal, business and community dignitaries, including Deputy Mayor and Director of Economic and Housing Development Allison Ladd, gathered for a twilight ribbon cutting ceremony to unveil the luxury lifestyle community which features a collection of 296 apartments and 40,000 s/f of modern amenities located at 355 Broad St. less than 500 feet from the train station.
The milestone moment arrives with 70% of the homes at Vermella Broad Street already occupied, underscoring its broad appeal to local Newark residents, the city’s substantial employee base seeking proximity to their workplaces, and newcomers drawn to the heart of New Jersey’s business, culture, and entertainment epicenter.
The event unfolded in the property’s clubroom and courtyard, showcasing the elevated lifestyle characteristic of Russo’s signature Vermella brand, which now spans 14 existing communities across New Jersey, including in nearby Harrison, Union, Orange, and Kearny. New Vermella projects are slated for Belleville, New Brunswick, East Brunswick and Hackettstown, with more to come.
Edward Russo, CEO of Russo Development, addressed the gathered crowd, stating, "Today marks a pivotal moment as we celebrate not just the successful opening of Vermella Broad Street, but the collaborative spirit that made it possible. Mayor Baraka and his administration have been invaluable partners fostering this public-private partnership. As Newark undergoes dynamic growth, we're proud to contribute to its economic vitality, offering a modern lifestyle community. We're excited to witness the lasting positive impact our community will have on this important, transit-oriented neighborhood and Newark as a whole."
“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.”
Speaking to attendees Ladd added “This really is a transformative, transit-oriented development. 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 heartwarming.”
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