How Boraie Development Is Helping To Revitalize Atlantic City

When the gaming industry collapsed in Atlantic City it took much of the city with it. A long time ago casinos opened their doors in nearby states which led to this resort town’s economy collapsing. The city is now turning around and there is a sense of optimism in the air. Of particular note is that the first market-rate residential development is being built. This development will have 250 apartments and it is on pace to be opened in the summer of 2018.

The Press of Atlantic City recently reported on this new apartment complex being built. According to Omar Boraie it will be called The Beach at South Inlet and the developer is Boraie Development, LLC. Once completed it will be worth $81 million. The location that it is being built is between the avenues Connecticut, Atlantic, Pacific, and New Jersey. The tenants are expected to be some of the 50,000 people that have jobs in Atlantic City.

There are other developments going on in Atlantic City as leaders work to diversify this city’s industries upon which it relies. One of the big ones is the Atlantic City Gateway project which will increase Stockton University’s presence in the city.

As almost 2/3rd of the housing in Atlantic City is over 40 years old, The Beach at South Inlet is a very welcome bit of new developments. It will have modern amenities available to tenants of the apartments such as a pool and gym. Check out State Theatre New Jersey to see more.

According to Patch, Boraie Development is headquartered in New Brunswick. For over 40 years they have been building upscale residential, office, and retail towers in New Brunswick. It’s been in recent years that they’ve expanded outside of New Brunswick. In addition to the new apartment complex in Atlantic City they are also building the first highrise in Newark in many years. One of the celebrities that was on hand for that project during the ribbon cutting ceremony was the former NBA player Shaquille O’Neal. O’Neal grew up in Newark and is very excited to see companies like Boraie Development doing their part to revitalize it.

Once Boraie Development completes a building they then manage the property. All sales and marketing are also handled in-house. Due to the excellent work they do Boraie Development has become one of the go-to property developers in New Jersey. In order to develop the company’s projects they use their own money plus large commercial banks who can provide sound funding.

Read more: https://www.crunchbase.com/organization/boraie-development

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