Boraie Development Helps Revitalize Newark

Newark is definitely seeing a makeover. They are getting their first high rise apartment building. More than half a century has gone by without any new apartment buildings being built up. However, now there is a new one, all thanks to the NBA star Shaquille O’Neal and the wonderful company he was working with, Boraie Development.

 

The building complex will have a million square feet of space. It cost millions of dollars to complete, but it will have well over a hundred residential units. The government of Newark also invested in the project. They enjoyed working with Boraie Development to help revitalize the city. The complex is being called Shaq Tower, after Shaquille O’Neal.

 

Boraie Development now plans on building another apartment building that will have thirty five stories. Shaquille O’Neal said that he originally came from Newark. Whenever he would visit, his mother would tell him that somebody needs to come and make the city beautiful again, as it used to be very beautiful. Shaquille O’Neal said that he decided that he would be the person to make Newark beautiful again. For more info you can check out their Yahoo account.

 

Shaq Tower itself has twenty one stories. Wasseem Boraie, from Boraie Development, said that this is an example of how private companies and public companies can work together. The government can work together with private entities and contractors in order to produce great things for the people and citizens of their cities.

 

Omar Boraie said that without the city of Newark and its mayor, they would not have been able to do what they did. He said that they brought investment power to the project so that they would have the funds to do what they needed to do.

 

Shaquille O’Neal said that this is very personal to him. His mother always wanted him to help out with the rebuilding of Newark. The Shaq Tower condos are going to be for professionals and other people who can afford luxury buildings.

 

The new building that they are planning is going to have three hundred and fifty condos. Boraie said that now is the right time to start building the new complex. Wasseem Boraie was very excited about the opportunity and said that now is the time to start rebuilding New Jersey, Newark included. He said that he does not know when it will be finished, but he wants to get it done as soon as possible. You can checkout bloomberg.com to see more.

 

 

Reference: http://www.nytimes.com/2005/03/06/realestate/at-two-extremes-of-a-housing-market.html

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