In the early 1990s, Shaquille O’Neal’s mother would express her wishes to see Newark redeemed to recapture its lost beauty. Nearly two decades later, the NBA Hall of Famer is fulfilling these wishes. During the opening of the multi-story building, Mayor Baraka noted that such developments can only happen through concerted efforts. In his address, the Mayor praised Shaquille for not abandoning his roots even after finding success elsewhere.
According to Patch, newark is a great city for investors to undertake various projects and not just real estate. The Mayor derived that the city was in dire need of projects that will benefit the regular people as opposed to the high and mighty. Margaret Anadu of Urban Investment Group at Goldman Sachs pointed out that the glassy towers in downtown Newark are ideal for high–end business but they do not solve regular people’s problems. Boraie, fondly known as “Shaq Tower” represents hope and economic opportunities for the city. Through Project Newark, minorities, women, and veterans can launch careers in construction and set forth to upward mobility. For more details visit Crunchbase.
Sam Boraie is a product of a partnership between Newark, the state of New Jersey, and the Goldman Sachs Urban Investment Group. This project is an epitome of successful partnerships between the public and private sector in the interest of the greater good. Boraie Development LLC is a family enterprise with a wealth of experience in real estate. The company specializes in three major aspects of urban real estate; property management, constructing real estate, and sales and marketing. Boraie is known to invest in dilapidated urban locations like Newark. In addition, the company is not afraid to venture into unchartered waters such as Atlantic City, on the heels of casino closures. Wasseem Boraie, who serves as the company’s VP surmised that the planned real estate project would attract millennials to Atlantic City. He noted that erecting luxury residential units would enhance the city’s outlook and millennials living in the greater Atlantic area would move here.
Following the success of Boraie Development, Shaquille announced plans to put up a 35-story highrise McCarter Highway which will cost a staggering $150 million. This property will consist of 350 affordable apartments to attract renters in the city. Shaquille O’Neal is keen on collaborating with residents and to this end, he has devoted time to working in this community. Overall, the partnership between Boraie Development LLC and local entities in places like Brunswick and Atlantic City will transform such cities and benefit residents.