Boraie Development’s Beach At South Inlet Further Strengthens Atlantic City’s Economic Growth
Atlantic City, NJ is going through some economic changes right now, and those changes are a downsizing of its casino properties and replacing them with new businesses and housing. Boraie Development, the company that’s starting to take the lead on the city’s housing restocking says Atlantic City is full of buildings that haven’t been updated in over 40 years. The people that Boraie Development want to serve at their housing properties are a diverse group, but they realize the millennial workforce is the one they need to keep in town and they have certain preferences for housing amenities. Boraie Development is constructing a unit they hope will bring in many such tenants with its on-site pool, gym, lounge areas and proximity to the beach, and hence why the property is named the Beach at South Inlet.
According to NY Times, it’s not only Atlantic City that’s getting a facelift in its residential properties; Boraie Development has been responsible for a rebirth of business activity in downtown New Brunswick. The city had a high crime rate before the founding of Boraie Development and most people thought it was lost at one point. Omar Boraie, a chemistry professor at Rutgers University knew the best way to bring business back to the city was to start tearing down abandoned buildings in its center and replacing them with brand new ones. He officially started his company and started financing his real estate construction projects in the 1980s, and by 1988 his first big development on Albany Street was finished. This tower, an 8-story building started bringing city administrative activities to the area, shopping outlets and various firms to the area. A second building went up in 2003 and soon the Albany Street area was booming. Check out Central Jersey Working Moms for more.
Boraie Development’s housing began when Omar Boraie decided to try building a high-rise building modeled after those in the Burroughs of New York City on Spring Street. Most people said the demand in New Brunswick simply did not meet such a project and doubted this property would make return S on investment. But once again Boraie Development proved their critics wrong, and this Spring Street property was filled in a very short time. Omar Boraie and his son Sam, who currently serves as company vice president were asked what made their company so successful in its property developments. Their answer was being willing to take big risks and not being deterred by the naysayers. They also said they got started because when Johnson & Johnson, New Jersey’s largest healthcare provider decided to stay in the city, they knew there was a chance it could be revitalized.