When it comes to growth, development, and urban revitalization in New Jersey, there is no other company that does it better than Boraie Development. Nicknamed the “Kobe Bryant” of development by one of its partners, the company aims to help derelict, neglected and economically depressed areas regain their former glory.
According to Crunchbase, over the past 30 years, Boraie Development has lived up to these goals and more. Founder and president, Sam Boraie, began this journey many years ago after leaving his native Egypt to study chemistry in the United States. Instead of working in a laboratory, Boraie found that he had a talent for real estate development.
This talent paid off in the revitalization of his hometown and the headquarters of Boraie Development, New Brunswick, New Jersey. Over the course of several decades, Boraie development helped energize the city’s neglected communities with luxury apartments, retail space, and numerous other construction projects that transformed the face of New Brunswick dramatically.
But Boraie didn’t just stop in New Brunswick, according to patch.com, recently the company partnered with NBA legend Shaquille O’Neal to begin work on projects in Newark, New Jersey.
One of those projects informally called Shaq Towers is scheduled to open at the end of this year. The 22 story building contains 168 market-rate apartments in addition to generous retail space and is located on Rector Street.
Shaq Towers has the distinction of being the first high-rise built in Newark in the last 50 years and is expected to provide an economic boost to the surrounding area. Spectacular views can be seen from Shaq Towers spanning the Hudson to Manhattan and further up to the Passaic.
The building project will also create job opportunities for the residents of Newark, as O’Neal, Boraie, and the city of Newark worked in conjunction to create Project Newark. Project Newark aims to give women, minorities, and veterans a chance to begin a career in construction and other unionized jobs.
But breathing life back into Newark won’t be that easy. In addition to Shaq Towers, O’Neal and Boraie have made plans for other parts of the city, including a complex that will feature a movie theater, supermarket, residential units and retail space.
Another $150 million, 35-story building featuring 350 market-rate apartments on McCarter Highway is also underway and will help build the city’s downtown area tremendously.
Boraie development isn’t just rebuilding Newark, the company aims to help rebuild the iconic Atlantic City, which has lost some of its luster in recent decades. The Beach at South Inlet is an $81 million project that will have 250 luxury apartment units, that will hopefully cater to the millennial generation. The building is slated to be the first residential unit in the city since casinos were built.
Boraie Development is a company committed to revitalizing urban markets, making communities stronger, economically viable, and most of all, better.