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DINALLO AND RUSSO PURCHASE FORMER ANNIN FLAG FACTORY

09/22/2015

DINALLO AND RUSSO PURCHASE FORMER ANNIN FLAG FACTORY

North Jersey development team adds to their redevelopment portfolio

VERONA, NJ (September 22, 2015) – D&R Verona, LLC, a joint venture between Dinallo Construction Corporation and Russo Development, has acquired the former Annin Flag factory on Bloomfield Avenue.  The building has been vacant since Annin Flagmakers relocated its manufacturing operations in 2013. D&R plans to renovate the existing building into 51, loft-style apartments and construct a new building with 68 additional units on an adjacent property it also acquired.

The project, Annin Lofts, will respect the history of Annin & Co., the oldest and largest flag maker in the United States, by restoring the building with the highest quality materials, interior finishes, landscaping, and outdoor living spaces.

Annin Lofts is the third joint venture between Dinallo Construction and Russo Development. The venture recently obtained approval to build 52 rental apartments and 6,100 square feet of retail space in the center of downtown Rutherford, and 111 apartments with 1,800 square feet of retail space on a vacant lumber yard at the Waldwick train station.

“We are happy about our venture with Dinallo Construction and we look forward to creating quality residential communities with them,” said Ed Russo, Russo’s chief executive officer. “Our families have enjoyed a great relationship for over 30 years and we look forward to continuing it well into the future.”

“We are excited to be working together again with Russo Development,” said Donald Dinallo, president and chief executive officer of Dinallo Construction Corporation.  “The Dinallo and Russo families share the common goal of building the highest quality projects with a personal interest and attention to every detail.”

Russo Development is one of the most active, privately held developers of industrial, data center, and multifamily properties in New Jersey. During its 45 year history, it has completed over 8 million square feet of industrial projects and has become one of the largest owners of data center space in the New York metropolitan area. The firm has also completed approximately 1,000 rental apartments during the past 24 months and has a multifamily pipeline of over 2,500 units planned for the next 5 years. 

Dinallo Construction Corporation, through its parent company Terminal Construction Corporation, is one of the top 400 full service construction companies in the United States. It has an exceptional reputation within the public and private sectors having worked with all levels of governmental agencies including federal, state, county, and municipalities as well as numerous Fortune 500 companies. Donald N. Dinallo, President and CEO, is also the owner of Terminal Construction Corporation, which has completed numerous projects across New Jersey including The Beacon, the rehabilitation of the former Jersey City Medical Center into a mixed-use project with 1,200 rental units and a 900 car parking garage.

For more information, please visit www.russodevelopment.com or www.terminalconstruction.com.

09/22/2015 - 15:45

Source

Russo Development

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