Russo plans 360-unit project next to Paramus mall 

Two-building development could include more units, office space later

Russo Development Plans 360-Unit Project Next to Paramus Mall
700 Paramus Park in Paramus and Russo Acquisitions CEO Vincenzo Russo (Google Maps, Facebook)

Homes and malls are becoming more neighborly across the country. And the Paramus Park mall in New Jersey is next to welcome new residential neighbors.

The Paramus Planning Board approved a proposal from an affiliate of Russo Development to build a 360-unit apartment project next to the mall, NorthJersey.com reported. The development would be north of the physical mall as well as part of the parking lot within the reach of a Macy’s department store.

A proposal from Russo was approved last year, but the latest approval expands the project by roughly 100 housing units. It also doubles the retail space in one of the two apartment buildings.

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The developer was able to expand its project after purchasing a section of the mall’s parking lot, owned by Brookfield Properties Retail. It’s not clear how much Russo paid for it.

There’s a second phase to Russo’s proposal, although it still needs approval from the borough’s planning board. That stage of development would include 159 apartment units, along with ground-floor retail and an office building. At the moment, that site is an offsite parking lot for Macy’s, which stands to lose 141 parking spaces (there will still be 1,000 for shoppers).

Paramus has been the site of several proposals to deemphasize malls in favor of more housing. In the spring, Urban Edge Properties received approval to build a 456-unit apartment complex to replace part of the Bergen Town Center shopping center. About 15 percent of those units will be affordable.

Elsewhere in Paramus, Unibail-Rodamco-Westfield is overhauling the Garden State Plaza, expected to feature nearly 1,400 apartments. The property is considered one of the most valuable assets in the mall owner’s portfolio.

Holden Walter-Warner

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