What Atlantic City Is Getting Now From Boraie Development

The mission is not complete for Boraie Development, a real estate broker company owned by the Boraie family that’s worked to add housing and commercial outlets to New Jersey’s cities under the direction of Omar Boraie for the last few decades, and it’s continuing with a new apartment complex being built in Atlantic City. This complex is known as the “Beach at South Inlet” which is bringing in 250 more apartments in housing down along the beachfront area but in a good public transportation area of the city. Wasseem Boraie, the son of Omar Boraie and Vice President of Boraie Development said they chose to construct this complex here because Atlantic City has needed to update its housing choices for several years now, and it’s part of what’s needed to fill a void left by some casino closings.

Omar Boraie’s company got started some time back in the late 1960s and early 70s. He had come to America to get his doctorate’s degree in chemistry at Rutgers University and perhaps become a key scientist for the Egyptian government, the nation he had come from. But he had some changes in plan upon settling in the US especially after seeing a housing market that was down in the greater New Brunswick, NJ area. He saw a lot of old buildings abandoned and a lack of business livelihood in the city, but he began to raise capital for buying the buildings because he believed he could reconstruct and revitalize the city. Most city planners laughed at the idea, but Boraie and his family got to work. For more details visit Bloomberg.

Boraie Development’s current headquarters are located in the Albany Street Plaza in tower one, the first building that Omar Boraie had redeveloped into a shopping center with office space. Nearby parking garages and old corner stores also started seeing new life. Albany Street tower two went up a number of years later as this area became more and more attractive to business owners and residents, and soon Boraie’s plans were becoming realized. His biggest housing development to hit the market was a 21-story high rise known as the Spring Street condominium, and after that The Aspire and the Heldrich also were built. To this day, Boraie Development’s portfolio has hundreds of projects they’ve undertaken to make the New Jersey real estate market attractive. Aside from development, the Boraie Development also supports scientific research communities including the Genomics department at Rutgers for which Omar Boraie has been honored with the Boraie Chair.

Read more: http://www.wsj.com/articles/SB1000142405270230452620457909952025609506

Leave a Reply

Your email address will not be published. Required fields are marked *