The Beach at South Inlet has already started construction and is looking to be a highly important part of Atlantic City’s future. This development is a 250-apartment complex that’s being built within the blocks of Atlantic, Pacific, New Jersey and Connecticut avenues and the hope is that it will meet the demand of newer generation city workers and fill in some of the voids left by casinos closed down. The chief investors in this property are Boraie Development, a real estate firm who’s worked over the years to change the outlook of New Jersey’s housing and commercial markets. Boraie Development Vice President Wasseem Boraie has said that young consumers want certain amenities with their housing and that Boraie Development is looking to transform Atlantic City’s housing to fill those demands. For more details visit Crunchbase.
According to Patch, just how long has Boraie Development been transforming commercial and residential properties? For more than 40 years they’ve been working to bring a plan that Omar Boraie, the head of the family business conceived when he relocated to the US in the early 1970s. He was working on a doctorate in chemistry at Rutgers University and was looking at buying a house when he looked around the Newark and New Brunswick neighborhoods and saw a city that needed new life. That’s when he decided to become a real estate investor who would renovate properties and bring back business to New Brunswick, even though few people believed he could do that at the time.
Albany Street was where Sam Boraie decided to renovate first. He bought an 8-story building and an abandoned parking garage and began bringing in office space and soon bought more buildings alongside it where he started adding housing. That first building was completed in 1988 and is known as Albany Street Tower One, and by 2003 Tower Two also came up. The first big apartment high-rise to be erected was One Spring Street Condominium, a housing project that most people thought was a waste of money but ended up full of tenants within 2 months. And the Aspire and now the Beach at South Inlet have become remarkable follow-ups to these achievements. Check out his website boraie.com to see more.
Omar Boraie credits certain companies like Johnson & Johnson for remaining in New Brunswick as the reason he’s been able to undertake the rebuild. He also is an active supporter of several non-profit groups and research studies. Rutgers University Genomics Science Department has the Omar Boraie Chair named in his honor.
Click here: http://www.boraie.com/