Boraie Development: “Shaq Towers” Opens in Newark

Newark has become home to the first market-rate high project for a period of 50 years. The building will consist of 21 stories and 126 rental units. The project has been constructed along the River at the heart of Newark. There was excitement during the topping off the building and everybody present termed it as “Shaq Towers”. This is a major development project in Newark and it is expected to provide more affordable housing solution in the area.

 

The project is the latest done by Boraie Development in Newark in conjunction with former NBA player Shaquille O’Neal. The ceremony brought together a host of dignitaries including Governor Phil Murphy, O’Neal, Ras Baraka the Mayor of Newark together with developers Omar Boraie and Wasseem. Wasseem Boraie applauded the project terming it a great milestone for the city and a perfect example as to why private and the public sectors must join hands to develop urban centers. “This project would not have been possible without the cooperation of Newark City”, said Wasseem Boraie. “The way we have worked with the mayor and his people has demonstrated that a lot can be achieved if people of the same mindset decide to work together. For More Information you can visit statetheatrenj.org

 

 

Newark governor on his part said that the project was a great milestone for the city of Newark. “This is a very special day for the city and the people of Newark, It is a sign that Newark is on the rise and investors have a lot of confidence in us,” said Murphy. “As I have been saying even during my campaign as governor and up to now, Newark is going to be a great place to be and as Newark grows so does New Jersey” he added

Next for Boraie in Newark: 35-story project

 

On Tuesday afternoon Boraie Development together with Shaquille O’Neal announced that they would soon launch their next project for Newark. They said that the next project would be a 35-story building at the heart of the City on McCarter highway. You can visit re-nj.com

 

 

According to the Vice President of Boraie Development Mr. Wasseem Boraie, the project will consist of 350 units which will represent an additional investment of $150 million into the city. He said that the project is already in the pipeline and they are hoping that everything will be in place by 2019. O’Neal, on the other hand, commented saying that the collaboration between the city mayor and private developers has been instrumental in promoting investment in Newark.

 

 

See more: https://www.crunchbase.com/person/sam-boraie#/entity

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