Located at Route 10 and Ridgedale Avenue in Morris County, Russo and Onyx plan to eliminate 900,000 square feet of vacant office buildings to make way for 826,800 square feet of modern industrial space in one of the largest new industrial projects.
“We are excited to redevelop a portion of one of northern New Jersey’s premier sites into a first-class industrial project,” said Edward Russo, CEO of Russo Development.
“This project reflects Onyx’s strong track record of repositioning large corporate campuses and growing industrial pipeline, and will bring new jobs, businesses and commerce to East Hanover,” said John Saraceno Jr., co-founder and managing principal for Onyx Equities.
Work will start in early 2022, with groundbreaking on two buildings ranging between 300,000 and 500,000 square feet before year-end.
This is the second joint venture between Onyx Equities and Russo Development, who are currently building Vermella Woodbridge, a mixed-use project with 500 apartments and 23,000 square feet of retail space situated on 26 acres in Woodbridge Township, acquired from Hess Corp. in 2020.
In addition to East Hanover, Russo and its partners have over 6 million square feet of industrial projects ranging from 200,000 to 3 million square feet planned in various communities, including Montville, Mahwah, Kearny, Lyndhurst and Woolwich. Onyx is also developing millions of industrial square feet throughout New Jersey and Long Island.