For the first time in over 50 years there is a new high-rise going up in the city of Newark, New Jersey. The building is being constructed by New Brunswick’s Boraie Development and they will also manage the property once it is done. Another investor in this project is none other than Newark’s own Shaquille O’Neal. He said he promised his mother one day he would have a hand in restoring beauty to Newark and this apartment tower is a piece of that.
In order to celebrate an important milestone in the construction of this building there was a ceremony held in front of the building, named 1 Rector Street but everyone is calling it “Shaq Tower”. At 22-stories it is much taller than the buildings around it and it is expected to draw in a lot of millennials to the downtown core of Newark. Boraie Development executives attended this ceremony as did Shaq and a number of elected government officials.
Omar Boraie has been leading Boraie Developments efforts to get this tower built. He said the property used to be Science Park High School before his company bought the property. He said that although his company bought the property a decade ago they didn’t want to start construction until the market conditions were right. When he saw new businesses entering this part of Newark he knew the time was right to get started and now the building will be done by the end of 2018 with lease applications starting to get accepted in September. You can check out rutgers.edu
A program that Boraie Development chose to take part in for constructing this building was Project IMPACT. This program trains Newark residents to be able to do union jobs. 18 apprentices have been placed through this program so far with a number of them working with Boraie Development on 1 Rector Street.
In addition to Newark and New Brunswick, Boraie Development is also building another apartment complex in Atlantic City. Commenting on this project, Wasseem Boraie said that millennials don’t want to live there because all of the current housing is many decades old. Their new apartments, also opening by the end of 2018, will offer luxury living in 250 apartments. This project is costing $81 million to build and it will feature leading-edge design and amenities. Boraie says that it is the first project of its kind in Atlantic City since the 1960s. You can search on Yahoo to see more.