If there’s one company that understands the challenging urban real estate market in New Jersey, it’s Boraie Development, LLC.
The family firm has invested not only time and money in re-building several blighted areas of The Garden State, but risked a lot in these ventures, because the Boraies love their state of New Jersey and want to see communities thrive and progress.
Wasseem Boraie, executive vice president of the company, recently shared his views with fellow developers at the Newark CRE Summit. The panel of leading real estate experts discussed how to spur more economic development in the state’s largest city.
Mr. Boraie recognizes that for Newark to stay competitive, it needs the momentum of several projects going on to attract new residents who are seeking options. He believes that’s the way to drum up more investment opportunities and private capital.
One only needs to look at the recent Boraie plan for Newark in One Rector Street. It’s the first high-rise built in the city since 1960 and boasts an impressive 23-story tower with 169 market-rate rental units with 8,500 square feet of retail space. One Rector Street is conveniently located adjacent to the city’s famous New Jersey Performing Arts Center.
It’s projects like these and several others that Mr. Boraie believes appeal to new and established city residents. He says that Newark’s leaders are on the right track with five to 10 “major Class A projects” currently in the works or receiving the green light, and these comprise thousands of residential units.
Mr. Boraie credits the city’s current administration for realizing Newark needs multiple projects under development to invite visitors and new residents. One large project is not enough to entice a new audience to a major city, he says.
NBA legend Shaquille O’Neal has partnered with Mr. Boraie and Boraie Development for several New Jersey urban renewal projects now, and the pair continue to bring commercial and housing development into some of The Garden State’s more neglected areas.
Boraie Development believes it’s the right thing to invest in a city’s future, and although it’s always a challenge, it is a worthy one for all.
“If you build the right product, the dollars are there,” Mr. Boraie says of constructing in New Jersey’s cities.
According to the Wall Street Journal, Boraie Development has built more than one million square feet of commercial and residential property in New Jersey.