NEWARK OFFICIALS, RUSSO DEVELOPMENT FORMALLY OPEN TRANSFORMATIVE RESIDENTIAL COMMUNITY VERMELLA BROAD STREET
Municipal Leaders, Development Principals, Business and Arts Community Celebrate 296-Home Rental Property Located Near NJ Transit’s Broad Street Station
NEWARK, N.J., June, 2024 – 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 distinguished 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 expansive apartments and 40,000 square feet of modern amenities located at 355 Broad Street -- 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, Chief Executive Officer 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 Ms. 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.”
Distinguished from the high-density, high-rise towers emerging in other parts of the city, Vermella Broad Street features twin five-story buildings spread over three acres seamlessly integrated into the existing streetscape. Residents can select from a mix of studios, one- and two-bedroom apartments with designer interior features. Select homes offer private outdoor balconies.
Monthly rents for Vermella Broad Street’s residences start from $2,000.
A portion of the community is dedicated to affordable housing.
An impressive 40,000 square feet of amenities at the community include extensive outdoor spaces highlighted by a landscaped courtyard with a resort-style pool, BBQ areas, an amenitized rooftop deck with panoramic views of Newark and New York City, and a dog run. Indoors, residents can indulge in a clubroom with outdoor access, a top-floor resident lounge, a fully equipped fitness center with a dedicated yoga room, and co-working spaces. Each building is complemented by a welcoming lobby, secure garage parking, 24-hour gated security, and access-controlled entry.
Vermella Broad Street also includes street-level community gallery space that will regularly exhibit the works of local artists and play host to a rich tapestry of neighborhood creative events.
Vermella Broad Street is ideally located less than 500 feet from the NJ TRANSIT Broad Street Station, providing direct service to New York Penn Station in 30 minutes or less. It is well-connected to Route 21, Interstate 280, the New Jersey Turnpike, and the Garden State Parkway.
Residents will enjoy a walkable environment near Newark's downtown and the campuses of New Jersey Institute of Technology and Rutgers University. Nearby are premier New Jersey cultural and entertainment venues, including the Newark Museum of Art and the New Jersey Performing Arts Center, while the renowned Ironbound district, famous for its diverse and exceptional cuisines, is a short ride away.
For more information about Vermella Broad Street and to schedule a private tour of the building’s furnished model homes and amenities, visit www.vermellabroadstreet.com. The building’s onsite leasing office is located at 355 Broad Street, Newark, NJ 07104.
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