Boraie Development LLC is investing in the future of New Jersey. The company is putting the finishing touches on the $81 million The Beach at South Inlet complex in Atlantic City. It’s scheduled to open next summer. This is the first market-rate development to be built in Atlantic City in over 25 years. The complex which contains 250 new apartments signals a rebirth in the works for Atlantic City. This project has created much needed optimism as Atlantic City endures a decade-long economic downturn that has seen multiple casino closings. The Beach at South Inlet and Atlantic City’s Gateway Project offer hope for Atlantic City’s future.
Atlantic City hasn’t had new housing stock in more than 4 decades. Over 60% of the city’s housing stock was built way back then. The investment in modern housing stock Boraie Development has made with this new complex is significant. The apartments have all the modern amenities including a pool, residents lounge and a gym. Not only will the 50,000 workers in Atlantic City benefit from this new complex, it can also help to attract new businesses, residents and visitors to the iconic resort city.
Boraie Development was founded in 1972 by Omar Boraie. The Egypt native came to the U.S. to study chemistry. While he saw people fleeing downtown New Brunswick, Boraie pictured the city being rebuilt. It reminded him of how post-World War II Europe rose from the ashes to become beautiful and prosperous. When city officials heard Omar Boraie’s plans to rebuild New Brunswick, they laughed. Boraie simply began buying abandoned, burnt-out buildings and rebuilding them. When Omar Boraie built the Albany Street Plaza Tower One and put the headquarters of Boraie Development on the 8th floor, there were 21 burnt-out and dilapidated buildings on the block.
These days downtown New Brunswick looks very prosperous and city officials give the visionary Omar Boraie lots of credit. Boraie Development recently completed a fabulous 18-story, mixed use complex called The Aspire. It has 238 housing units and retail space in excess of 10,000 square feet. They are also working with Shaquille O’Neal on a $61 million project in Newark. These days Omar Boraie’s sons, Wasseem and Sam and Hian his daughter, play important roles in running the company. They are preparing luxury accommodations to attract doctors, lawyers, nurses, firemen, police officers, teachers and young students and professionals to downtown areas throughout New Jersey. You can search on Yahoo to see more.