One of today’s issues facing New Jersey is replacing old housing with new housing, and one reason its important is because America’s workforce is changing and with heavy competition across the Hudson River in New York, real estate investors realize they need to invest in properties that appeal to millennials. One group that’s doing that in northeast New Jersey from Newark to Atlantic City is Boraie Development who recently begun construction on a 250-apartment unit in Atlantic City. This property is located at the beachfront and hence why it got its name as The Beach at South Inlet. The property has been applauded by other housing market experts for its amenities like a large outdoor pool and on-site gym and sauna rooms, and they say it adds to the city’s overall business diversification which they’re saying has needed to find other vehicles besides casinos.
Boraie Development is a family-owned business based in New Brunswick and is where its Chairman Sam Boraie started with his building plans. Omar Boraie has formulated most of his building strategies on his own, but he’s involved city leaders, local banks and private contractors in his plans. Boraie came to New Brunswick back in the late 1960s to pursue a doctorate in chemistry at Rutgers University, but he started changing his career direction when he saw the city. New Brunswick was in terrible shape at that time with many vacancies and crime running rampant on the streets. He realized if he didn’t do something to help the city, nobody would. Check out re-nj.com for more.
When Omar Boraie started buying up vacant building properties and telling city leaders he would change them into business centers, most of them just shook their heads and told him it would never work. But he wasn’t about to give up that easily, so he went to work first at a square on Albany Street that he believed could be a strategic business point. The first 8-story building renovation was completed in 1988, and the second in 2003. That Albany Street Plaza is where Boraie Development has its offices today, and many other businesses and fortune 500 companies have come there. But Boraie Development still had critics who were skeptical of their apartment property plans.
Boraie Development had bought a property on Spring Street in the early 2000s that they had planned on turning into a 21-story unit. Nobody thought they would rent out all the units any time soon, but they rented out the entire condominium within three months. They knew then that future projects like The Aspire and the Beach at South Inlet Today. They’ve built their housing units in strategic locations near bus stops and metro stations to benefit workers that come to and from New York City. Omar Boraie does take pride in succeeding when his detractors said he wouldn’t, but he also says it was Dick Sellars, the former CEO of Johnson & Johnson whose decision to stay in New Brunswick with the company encouraged him to go through with his building plans.