A developer has proposed building 458 units of rental housing on a sprawling tract along the Passaic River.
Representatives from Carlstadt-based Russo Development presented their proposal for the Passaic Avenue project at a meeting of the town’s governing body Wednesday.
The development would be located within the Passaic Avenue redevelopment zone and would occupy four tracts, three of which are currently privately-owned and another owned by the town.
The narrow riverfront tracts would begin south of a property that once housed a Pathmark supermarket and end at the town’s border with East Newark.
The single building, which would be divided into two-, three- and four-story sections, and surrounding amenities would occupy 12 of the area’s 16 acres, according to Edward Russo, a principal with the firm. The development would also have a clubhouse, dog park and pool.
Two parking garages incorporated into the structure would accommodate up to 583 cars and 73 outdoor spaces would handle visitor and overflow parking, Russo said.
“Recently over the last few years, the market has come back really strong,” Russo said. “We believe the impetus is really strong for meaningful mixed use development in this area.”
A leasing office for another Russo Development, Vermella Crossing, recently opened on Bergen Avenue near Schuyler Avenue. Demand for one-bedroom apartments has been especially high, with rents running between $1,600 and $1,700, according to Russo. Two-bedroom units at Vermella Crossing, which will have a ribbon cutting in September, are fetching $2,200 to $2,300 a month, he added.
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