Development LLC has acquired a vacant 190,000-square-foot warehouse site in Kearny, NJ, which is planned for a planned mixed-use redevelopment. The project is Russo’s second redevelopment in the city. The existing warehouse at the 7.5-acre site at Schuyler and Bergen avenues was demolished last month to make way for the new Schuyler Crossing, a planned development of 232 apartments and 20,000 square feet of retail. Site improvements are under way, with vertical construction scheduled to begin in mid-2009. Omer Ahmed, vice president of acquisitions for Russo Development, said the company is “aggressively acquiring redevelopment opportunities” throughout northern New Jersey for a variety of uses. Russo recently completed Saw Mill Park, a 400,000-square-foot industrial redevelopment project fully leased to the Pepsi Bottling Group and HD Smith Wholesale Drug Co. Russo Development, based in Hackensack, NJ, has designed, built and operated more than 60 Class A industrial, data center and residential projects in the state since 1969.
having read this I was skeptical. I haven’t heard of anyone purchasing new development sites for at least a year. So I called Omer Ahmed and asked. The site was purchased over one year ago and they just recently got plans approved. The property is a large site on a very high traffic corner. Kearny is just across the river from Newark. This development will be within a five minute drive of the Harrison PATH station. There is also a plan to put a train station at the back of this development – BONUS!