If you’re a young student, entrepreneur or newcomer to Atlantic City, NJ, you might love staying at one of their new housing projects that Boraie Development is overseeing. This is a 250-apartment complex that’s currently being constructed around the oceanfront area and is known as the “Beach at South Inlet.” Boraie Development Vice President Wasseem Boraie says the housing demand of millennial consumers in the Atlantic City and Newark areas is one that much of New Jersey’s housing stock hasn’t been prepared to meet. He believes this new development which will have luxurious amenities including on-site gyms, pools and well-designed apartment interiors will be a step towards addressing this demand.
What Boraie Development is doing right now in Atlantic City is just one of the steps it has in its mission to transform New Jersey’s urban scene. It was Wasseem’s father Sam Boraie who began this company dream back when he came to the US from Egypt over 40 years ago. Going from a career in chemistry to a career in real estate happened when Omar Boraie saw the city of New Brunswick in desperate need of new life and a new direction. Although it was his plan to start reconstructing and bringing tenants back to the city’s abandoned buildings, he did so he says because Dick Sellars, the CEO of Johnson & Johnson decided to keep his company in New Brunswick. And so it was that Omar Boraie started buying up these lots on Albany Street, not too far from where Johnson & Johnson was located. For more details visit Crunchbase.
According to Patch, his first completed construction project was Albany Street tower one where Boraie Development currently has their corporate headquarters. 15 years later, Albany Street tower two came up and thanks to the Boraies ignoring previous criticisms from many other urban planners, New Brunswick started seeing a renaissance in its commercial real estate. The Boraie’s first big housing complex that went up was a high-rise modeled after the New York City styles across the Hudson River, and once again many locals thought trying to attract people to that big of an apartment complex would be too big of a task. But when the Spring Street Condominium went up, it became completely leased out in just 2 months. Boraie Development has undertaken so much to build New Brunswick and its neighboring cities and other buildings in its portfolio include The Aspire, and satellite housing for Rutgers University.